ECON 101 Study Guide - Westjet, Demand Curve, Nash Equilibrium
78
ECON 101 Full Course Notes
Verified Note
78 documents
Document Summary
Review questions set # 4 (ch 13-15 and 17) Chapter 13: (easy) your aunt is thinking about opening a hardware store. She estimates that it would cost $ 500,000/year to rent the location and buy the stock. In addition she would have to quit her , 000/year job as an accountant. What is your aunt"s opportunity cost of running a hardware store per year. If she thought she could sell $ 510,000 worth of merchandise in a year, should she open the store: (moderate) a commercial fisher notices the following relationship: 30: what is the mp of each hour spent fishing, draw the fisher"s production function and explain your result, the fisher has a fixed cost of . Draw the fisher"s total cost curve: (easy) bob"s lawn-mowing service is a profit maximizing competitive firm. His total cost each day is , of which is a fixed cost.
