Question
In: Economics
. Joe's pizza hired a fourth worker, who made an additional ten pizzas per hour. Joe...
| . | Joe's pizza hired a fourth worker, who made an additional ten pizzas per hour. Joe also discovered that the number of pizzas made per worker per hour was five when four workers were employed. We can conclude that Joe is experiencing: | ||||||||
|
| . | Joe's pizza hired a fourth worker, who made an additional ten pizzas per hour. Joe also discovered that the number of pizzas made per worker per hour was five when four workers were employed. We can conclude that Joe is experiencing: | ||||||||
|
Suppose a perfectly competitive firm faces the following situation: P = $8, output = 2,000, ATC = $6.50, and MC = $7. Which statement is an accurate description of the firm's situation?
| The firm incurs profits but is not maximizing its profits. | |
| The firm incurs losses but is not minimizing its losses. | |
| The firm is maximizing profits. | |
| The firm incurs losses and is minimizing its losses. |
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
Duncan’s Pizzas is a chain of pizza stores. Pizzas are made fresh in-store, and then delivered...
Duncan’s Pizzas is a chain of pizza stores. Pizzas are made
fresh in-store, and then delivered to customers by a fleet of
drivers. The senior management team has identified the strategic
priorities for the business as on-time delivery and product
quality.
Required: a) For each of the strategic priorities, suggest and
explain three performance measures.
b) If the company is successful in achieving challenging targets
for these performance measures, will it also necessarily achieve
high profitability? Explain your answer. (400...
Duncan’s Pizzas is a chain of pizza stores. Pizzas are made fresh in-store, and then delivered...
Duncan’s Pizzas is a chain of pizza stores. Pizzas are made
fresh in-store, and then delivered to customers by a fleet of
drivers. The senior management team has identified the strategic
priorities for the business as on-time delivery and product
quality.
Required:
a) For each of the strategic priorities, suggest three
performance measures.
b) If the company is successful in achieving challenging targets
for these performance measures, will it also necessarily achieve
high profitability? Explain your answer
Duncan’s Pizzas is a chain of pizza stores. Pizzas are made fresh in-store, and then delivered...
Duncan’s Pizzas is a chain of pizza stores. Pizzas are made
fresh in-store, and then delivered to customers by a fleet of
drivers. The senior management team has identified the strategic
priorities for the business as on-time delivery and product
quality. Required: a) For each of the strategic priorities, suggest
three performance measures. b) If the company is
successful in achieving challenging targets for these performance
measures, will it also necessarily achieve high profitability?
Explain your answer. (4 marks, maximum...
Week 9 Duncan’s Pizzas is a chain of pizza stores. Pizzas are made fresh in-store, and...
Week 9 Duncan’s Pizzas is a chain of pizza stores. Pizzas are
made fresh in-store, and then delivered to customers by a fleet of
drivers. The senior management team has identified the strategic
priorities for the business as on-time delivery and product
quality. Required: a) For each of the strategic priorities, suggest
three performance measures. b) If the company is
successful in achieving challenging targets for these performance
measures, will it also necessarily achieve high profitability?
Explain your answer. (4...
Pairs of Red Socks per Worker per Hour (RS) Pairs of White Socks per Worker per...
Pairs of Red Socks per Worker per Hour (RS) Pairs of White Socks
per Worker per Hour (WS)
Manchester 3 3
Arsenal 2 1
The above table describes the Production Possibility Frontier
(PPF) of two cities in the country of footballia.
1. Without trade, what is the price of white socks in terms of
red socks in Manchester and in Arsenal?
2. Which city has an absolute advantage in the production of
each color sock? Which city has a comparative...
A discouraged worker is a worker who does not have a job and has not made...
A discouraged worker is
a worker who does not have a job and has not made any efforts
to find a job within the previous four weeks.
a person who only works part time but wants full-time
work.
a worker who is looking for a job but can't find one.
counted as unemployed in the official labor market
statistics.
a worker who is unhappy at his or her job
Full employment occurs when
the unemployment rate is below 6 percent....
George sells pepperoni pizzas at $25 per pizza from a stall on the beach. George’s pays...
George sells pepperoni pizzas at $25 per pizza from a stall on
the beach. George’s pays $30 per hour to rent his stall
and pays his worker $10 per hour to make and sell the pizzas. The
ingredients cost $15 per pizza. These are George’s only costs.
NOTE: The hourly cost function
(and table) are costs per hour. Note, however, that the total costs
in any given hour depend on the number of pizzas sold that hour.
The function and...
Fast Pizza hires college students who drive their own cars to deliver pizzas to customers. Fast...
Fast Pizza hires college students who drive their own cars to
deliver pizzas to customers. Fast Pizza is concerned that the
company may be liable for damages caused by company employees while
they are driving their cars on company business.
Part 1: Discuss the loss
exposures to both Fast Pizza’s business operation
and to the students who are driving their own cars
to deliver pizzas.
Part 2: Identify a commercial auto liability
coverage that Fast Pizza could purchase to address...
The marginal product of a domestic laborer is 5 units per hour. The domestic worker is...
The marginal product of a domestic laborer is 5 units per
hour. The domestic worker is paid $20 per hour. The management is
considering automation. The machine can make 120 units per hour at
an hourly cost of $400 per hour.
a. At what level of production can the domestic laborer be
competitive with the machine?
b. The union is willing to accept a pay cut to retain jobs. At
what salary level does the domestic worker achieve parity with...
Nation A can produce with one worker per day 10 cakes or 5 pizzas. Nation B...
Nation A can produce with one worker per day 10 cakes or 5
pizzas.
Nation B can produce with one worker per day 8 cakes or 2
pizzas.
i. Determine a trade agreement for 1 pizza (price in terms of x
number of cakes for 1 pizza) that both countries would benefit
from. (Do not give me a range of prices. Just give me one price and
one price only.) (Hint: who will be buying and who will be selling...
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