Unit 3 Assignment
answer the following questions. Submit
as a Microsoft Word® document to the Dropbox when completed.
relationship between the price elasticity of demand and total revenue.
2. Is the price
elasticity of gasoline more elastic over a shorter or a longer period of
3. Determine whether each of the
following is an explicit cost or an implicit cost:
for rented manufacturing equipment
firm’s use of a warehouse that it owns and could rent to another firm
paid to the firm’s workers
wages the firm’s owner could earn if he worked for another company
4. Consider the
following information in the table for Pat’s Pizza Restaurant and answer the
Product of Capital
Produce of Labor
Price of Pizza Ovens
the owner of Pat’s Pizza Restaurant minimizing cost?
he rent more ovens and hire fewer workers or rent fewer ovens and hire more
Submitting your Assignment
Complete your assignment in this Microsoft
Word® document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit3.doc).
Submit your file by selecting the Unit 3: Assignment Dropbox by the end of Unit