Question;Unit 3 assignmentPlease;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.
Paper#57066 | Written in 18-Jul-2015Price : $32