Differentiate between the firm's implicit and explicit cost and discuss the firm’s variable and fixed costs. For your chosen industry please express whether your firm is economically viable or not. Is your firm profitable? Do they have an optimistic or uncertain outlook for the near future?

Sarah has a three-day meeting in Berlin. She takes an overnight flight arriving early Sunday morning.After resting several hours, she spends the rest of the day sightseeing. She attends the meetings onMonday, Tuesday, and Wednesday. She spends Thursday sightseeing and returns home on Friday. Her transportation cost $1,200 and her five night’s hotel cost $1,250. Her meals were $50 per day fromMonday through Thursday and $30 each on Sunday and Friday. How much can Sara deduct for thisbusiness trip?

Please advise on both of tendering method and contractual arrangement for the construction of a 5-Star Hotel in Tung Chung new town. Since the proposed project is to be a major development, the Client is anxious on the cost aspects.

The Client wishes to have indication of the amount of investment before signing the formal contract with the selected contractor and he is also concerned on the cost-control aspect. He also intends to commence the work at a reasonable time.

Suggest to the client with reasons, for choosing both of the most appropriate tendering method and contractual arrangement for this particular project for client’s consideration.

Completely and thoroughly explain how Total Product Costs would be calculated to determine the total cost to make an electric coffee maker for a company that makes a variety of small home appliances. Include as much detail as possible and do not simply discuss the broad major cost categories of direct materials, direct labor, and manufacturing overhead.

ou are given the following total cost and total benefit curves regarding a lumber development project. TB = 400Q − 2Q2 TC = 20Q (c) Compute the total costs, total benefits, and net benefits in optimum. (d) Compute and interpret the benefit/cost ratio. What policy recommendation would you make regarding the initiation of the project? (e) Present your solution graphically. (f) Now assume that both benefits and costs occur once a year for three years (and are identical in each year), i.e. they are a stream of benefits and costs. What is the present value of net benefits of this project, when discounting begins in year 2 (i.e. year 1: i = 0, year 2: i = 1, year 3: i = 2) and r = 0.05?

Total costs at a restaurant are listed below:

The restaurant's total cost is a mixed cost that depends on customers served. The restaurant's management uses the high-low method to estimate the variable and fixed components of this cost. If the management believes that the restaurant will be able to serve 16,000 customers in December, the restaurant's estimated total cost for December is closest to: (Round your intermediate calculations to 2 decimal places.)

Multiple Choice

• $29,944

• $32,031

• $29,809

• $60,718

Compare and contrast what happens to total revenue, total cost, and profit when the monopolist increases its price, in both the elastic and inelastic portions of the demand curve. Repeat for a decrease in price.

For each of the problems below solve for monopoly quantity, monopoly price, total revenue, total cost, profit, and dead weight loss.

Qd = 100 – 0.5p                            TC = 2Q²

Qd = 500 – 0.2p                            TC = Q² + 100Q        

Qd = 30 – 0.6p                              TC = Q² + 10Q +100

QD = 1000 – 0.25p                       TC = 2Q² + 25Q + 100

Suppose that you won an exclusive bid to sell Christmas trees from National Park Service (NPS). However, NPS requires that you plant one and a half multiple of any number of trees you cut. For example, if you cut 4 trees, you have to plant 8 trees. If you cut 9, you have to plant 27 trees. The NPS may argue that the number of trees that survive is proportional to the number of tree that you grow. Or, they might just do so to prevent you from cutting all trees. Assume further that the cost of cutting and transporting a tree is $2. The cost of growing a tree is $1.  
Questions:
A.) Write an equation that describes total cost of cutting any number of trees.
B.) Graph total cost function
C.) Derive and graph the average cost equation
D.) Derive and graph the marginal cost equation

Now, assume that as a monopolist, you can sell Christmas trees directly to customers and charge them a higher retail price. Or, on the other hand, you can sell Christmas tree to retail stores and charge them lower wholesale price. It is logical to assume that ordinary customer demand tends to be less elastic than the demand of retail stores. Assume that you estimate the demand of retail stores and customers and find:

P= 3000 – 0.5Q  (Wholesale demand)
P= 2000-2Q   (Retail Demand)

Questions
E) Write the equations that describe total revenue for each market
F.) Graph your total revenue equations
G.) Derive the marginal revenue equations for each market
H.) Graph your answer
E
I.) Find the profit maximizing price and quantity for each market
J.) Write the equation that describe total revenue for the two market combined
K.) Derive the marginal revenue equations for the two markets combined
L.) Graph your answer
M.) Find the profit maximizing price and quantity for both markets combined.
N.) What is better, to combine both market and charge a single price or segregate the two markets and charge different prices? Explain your answer