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Kaplan University MT445 unit 3 assignment

Question # 00016270
Subject: Economics
Due on: 06/21/2014
Posted On: 05/27/2014 02:38 PM

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Unit 3 Assignment

Student Name:

Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.

1.Explain the 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 time? Explain.

3. Determine whether each of the following is an explicit cost or an implicit cost:

a) Payments for rented manufacturing equipment

b) A firm’s use of a warehouse that it owns and could rent to another firm

c) Wages paid to the firm’s workers

d) The 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 questions below.

Marginal Product of Capital

4,000

Marginal Produce of Labor

100

Wage Rate

$10

Rental Price of Pizza Ovens

$500

a. Is the owner of Pat’s Pizza Restaurant minimizing cost?

b. Should he rent more ovens and hire fewer workers or rent fewer ovens and hire more workers? Explain.

Directions for 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 3.

Tags aignment unit mt445 university kaplan rent pizza aignment ovens restaurant marginal cost hire firms workers pats owner unit fewer thefollowing price dropbox document selecting capital thequestions product answer exampletallenmt445aignmentunit3docsubmit complete table save unit3 microsoftword

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Kaplan University MT445 unit 3 assignment

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Preview: below xxxxxxxx Product xx Capital4,000Marginal Produce xx Labor100Wage Rate10Rental xxxxx of xxxxx xxxxxxxx Is xxx owner of xxxx Pizza Restaurant xxxxxxxxxx cost xxxx x believe xx Should he xxxx more ovens xxx hire xxxxx xxxxxxx or xxxx fewer ovens xxx hire more xxxxxxx Explain x xxxxx say xx should hire xxxx employees rather xxxx renting xxxx xxxxx It xxxxx to be xxx cheaper more xxxxxxxxxx way xx xx Directions xxx Submitting your.....
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