Imagine that you were setting up a small lemonade stand. There are lots of others in...

Imagine that you were setting up a small lemonade stand. There are lots of others in the neighborhood. How would you determine both your costs of production and what price to charge? (Hints: (1) Remember the profit maximizing steps discussed in the text; (2) Be sure to distinguish between fixed and variable costs.(3) This is a perfect competition discussion; all lemonade is identical.)

Expert Solution

Rahul Sunny answered 2 years ago

I1-magine that you were setting up a small lemonade stand. There are lots of others in...

I1-magine that you were setting up a small lemonade stand. There are lots of others in the neighborhood. How would you determine both your costs of production and what price to charge? (Hints: (1) Remember the profit maximizing steps discussed in the text; (2) Be sure to distinguish between fixed and variable costs.(3) This is a perfect competition discussion; all lemonade is identical.) 2- Consider this decision scenario related to your studies on whether or not FIT should run a...

You start a lemonade stand. You estimate that you will sell 1,000 glasses of lemonade during...

You start a lemonade stand. You estimate that you will sell 1,000 glasses of lemonade during the upcoming year. Each glass of lemonade sells for $3. Each glass comes with the following costs: Lemons, cups & sugar $ .90 Labor .20 Sales commission .30 $1.40 You also have the following costs for the year: Blender depreciation $ 500 Equipment maintenance $ 500 Rent on lemonade stand $ 500 Accountant $ 500 There are no other costs incurred. Because you only...

Imagine that you are purchasing small lots of manufactured product. If it is very costly to...

Imagine that you are purchasing small lots of manufactured product. If it is very costly to test a single item, it may be desirable to test a sample of items from the lot instead of testing every item in the lot. Suppose each lot contains 10 items. You decide to sample 3 items per lot and reject the lot if you observe 1 or more defectives. a) If the lot contains 1 defective item, what is the probability that you...

1. You run the only lemonade stand at SUBR. If people don't buy lemonade from you, their...

1. You run the only lemonade stand at SUBR. If people don't buy lemonade from you, their only other option is to buy orange juice from a nearby POD. One day, you decide to raise the price of your lemonade from $1 per glass to $1.25 per glass. As a result, half of your usual customers decide to get orange juice instead of lemonade that day. What does this experience tell you about the demand for lemonade (in terms of elasticity)...

Estella decides to set up a lemonade stand on a hot summer day. Before long, Estella’s...

Estella decides to set up a lemonade stand on a hot summer day. Before long, Estella’s friends all decide they would like to help. The table below shows what happens to the number of glasses of lemonade Estella and her friends can make in an hour. Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. Lemonade Stand's Labor and Production Levels Labor (workers) Total Product Average Product Marginal Product...

Imagine that you are setting up a cultural competency training program for the staff (clinicians, nurses,...

Imagine that you are setting up a cultural competency training program for the staff (clinicians, nurses, support staff) at your CURRENT practice setting (workplace). How would you incorporate knowledge and skills training and what would you include? Include references.

Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades."...

Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there...

Surgical Technology program Case study: A CST is setting up the back table and mayo stand...

Surgical Technology program Case study: A CST is setting up the back table and mayo stand while the patient is in the OR, and the anesthesia care provider is preparing to administer general anesthesia. After confirming that the external steam indicator has changed color, the CST places the basin set from the ring stand to the back table and continues moving items to their appropriate place. Just before the patient is anesthetized, the circulator notices water on the inside of...

Your 12 year old daughter/son wants to open a lemonade stand for the summer. You live...

Your 12 year old daughter/son wants to open a lemonade stand for the summer. You live in a warm sunny climate that has three good months of summer. Your daughter/son has overheard you talking with classmates about business plans. They ask you to help them develop a business plan for their lemonade business. What would you advise them to include in their plan?

Assuming you were setting up a market program for a product in a foreign country, what...

Assuming you were setting up a market program for a product in a foreign country, what should you take into consideration? How can international marketing benefit domestic countries?

Question