Economics course work

Assignment
5 Answer Sheet

Graph the demand
for hotel rooms .  Fill in the chart :
(12 pts)

Pe _______

Qe_______

Change in demand
_____________

Change in Quantity
Demanded __________

Change in
Supply________________

Change in Quantity Supplied_______________

2.

1. Use fixed costs and
   Variable costs to explain why a business would stay open if it is operating at
   a loss. ( 4 points)
2. Explain if the decision is
   short-run or long run?  Make sure you use
   the textbook and class notes to answer these questions explaining the rules of
   maximizing profits and minimizing losses. (4pts)

3. Graph 1

A. 
Name of Market Structure (3 points)

b. Ability to control prices. (3
points)

 c. Spending on advertising and marketing (3
points)

 d. Pure profit, Normal profit or losses.  (3 points)

4 Explain
why the airlines can price discriminate and Under Armour can’t. (5 pts)

5. Graph 2

A. Name of Market Structure?   (3
points)

b. Ability to control prices. (3
points)

 c. Spending on advertising and marketing (3
points)

 d. Pure profit, Normal profit or losses. (3
points)

6     A
. The shut down point is at Q? ____________( 4 points)

     B.The break even point is at
p?____________( 4 points)

7.

Indicate whether the
inputs below are Variable (V) or Fixed (F) in the short run (12pts)

Input		Output	Fixed	Variable
ovens	In	restaurants
fuel	In	buses
Chairs	In	Nail salons
Insurance	for	Rental housing
Occupancy permit	In	buildings
lease	In	factory

8.

 Amazon lowered the prices of books
below cost.  This forced many book stores
like Barnes and Noble and The Booksmith to go out of business.  The ECONOMIC term for what they did is
__________________________________________.(4 pts)

9.

a. The chicken companies
are engaging in what type of economic behavior? ( Characteristic of this market
structure. )(4 pts)

b. This behavior is
characteristic of what market structure? Draw the graph for this market
structure or describe it.

 (Put your answer on the answer sheet )  ( 8 pts)

10.

A. What is Al’s total revenue? 3 pts)

B. What are Al’s explicit costs? In
numbers (3 pts)

 C. What is his accounting profit? In Numbers (3
pts)

 D. List 2( in numbers ) implicit costs that Al
has not included. (3 pts)

 E. What is Al’s pure economic profit (loss)in numbers?(
3 pts)

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