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Author Question: It is common to see convenience stores open 24 hours a day even though many times late at night or ... (Read 40 times)

lidoalex

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on: Jun 29, 2018
It is common to see convenience stores open 24 hours a day even though many times late at night or in the early hours of the morning there are very few customers. What can explain this seemingly odd behavior?
 
  What will be an ideal response?

Question 2

Refer to Table 4-4. If a minimum wage of 10.50 an hour is mandated, what is the quantity of labor supplied?
 
  A) 400,000 B) 370,000 C) 340,000 D) 60,000


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millet

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Reply #1 on: Jun 29, 2018
Answer to Question 1

It must be that the marginal revenue of staying open (the extra revenue from those few customers) is greater than or equal to the marginal cost of staying open.

Answer to Question 2

A


lidoalex

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

kusterl

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Reply 3 on: Yesterday
Excellent

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