http://www.oasiscafelv.com/ice-machine-for-sale/
ecomonics questions?
1. explain why you would expect the supply curves to slop upward on the basis of the principle of increasing opportunity cost.
2. which do you think is more likely to be a fixed factor of production for an ice cream producer during the next two months: its factory building or its workers who operate the machines? explain.
3. In which of the following short run scenarios should a firm shut down? price is less than
a. average cost.
b. marginal cost.
c. average variable cost.
d. average fixed cost.
e. average revenue.
4. A firm’s profit is equal to which of the following?
a. the value of its sales
b. marginal revenue minus marginal cost.
c. total sales minus wages
d. total revenue minus total cost
e. none of the above
1. If there is increasing opportunity costs, for every extra unit you consume, you get additional utility, so the curve should slope upward. However, due to marginal utility and limits on how much you could consume (food or money concerns), it stops sloping any direction.
2. Factory building. You can always hire and fire new employees (unless it is a union job) but you can’t run out, buy, and outfit a new factory building in the short run. It takes time and planning. By all means, within a year or two (if you have the money), you could buy a new building.
3. A. Average cost. Average cost is the total cost divided by the number of units produced. If it costs you $2 to make one unit of something and the price is $1, you are losing a dollar per unit, which will shut your business down fast if you make hundreds of thousands of units, or even a few if you can’t pay your bills.
4. D. That is by definition economic profit. Normal profit is when Total Revenue equals total cost.
vogt ice machine for sale
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Sunpentown IM-101S Portable Ice Maker with LCD with Stainless Steel Body $189.84 Sunpentown Stainless Steel Portable Ice Maker with LCD makes 12 fresh cubes in less than 10 minutes! Makes up to 2 lbs of ice an hour, up to 35 lbs. in 24 hrs.! Easy t o use and requires no installation. Includes digital controls and 18-hr. timer. Perfect for your bar, office, boat, and more. Contemporary stainless steel / onyx black finish looks fantastic. Ice, ice, baby: Stores up to 2.5 lbs of … |
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On Ice $24.99 On Ice |