Homework Answers
a) "B"
They will rent the room as the marginal benefit is more than the marginal cost of operating in the firm.
b) True, it is a normative statement because it cannot be explained by facts and numbers.
c) True, price ceiling will cause a shortage of the goods and reduce the price.
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revenue
2 purchases are estimated to be 15% of accommodation revenue
3 marketing costs are estimated to be 5% of accommodation
revenue
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space
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6 maintenance cost has an allocation of $50 per square metre
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Please help with these questions Question 16 0.4 pts Laura leaves her job as an accountant,...
Please help with these questions
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Appeicate an economics expert answer True/False Questions 1
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Name True/False Indicate whether the statement is true or false. 1.A competitive fim's profit will be increasing as long as marginal revenue is greater than marginal cost. a True b. False 2. The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market. a. True b. False 3. A profit-maximizing firm in a competitive market will decrease production when marginal cost exceeds average...
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Lux Hotel 5-Star Hotel
Configuration
1 staff cost are estimated to be 18% of accommodation
revenue
2 purchases are estimated to be 15% of accommodation revenue
3 marketing costs are estimated to be 5% of accommodation
revenue
4 Administration costs of $200,000 are allocated based on floor
space
5 utilities cost has an allocation of $30 per square metre floor
space plus 3% of accommodation revenue
6 maintenance cost has an allocation of $50 per square metre
floor space plus...
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Please help with these questions
Question 16 0.4 pts Laura leaves her job as an accountant, where she earns $80,000 per year, to start her own business. After the first year, her business earns a profit of $60,000. How would an economist describe the profitability of Laura's career change? O Laura had a profit of $140,000. O Laura had a loss of $20,000. O Laura had a profit of $60,000. Laura had a loss of $80,000. O Laura had a...
Accounts receivable changes without bad debts Tara's Textiles Currently has credit sales of $359 million per year and an average collection period of 64 days Assume that the price of Tara's products is $60 per unit and that the variable costs are $54 per unit. The firm is considering an accounts receivable change that will result in a 202% increase in sales and a 19 6% increase in the average collection period. No change in bad debts is expected. The...
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