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Unit 3 assignment 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: 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.

Unit 3 assignment

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:

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.

 

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