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Nelsen

In:

Submitted By nelsenn
Words 374
Pages 2
Blake Bonatz
Mr. Harris
Econ

1. I would take the flight to Washington DC every day. He is already making enough money to pay for it and would save him plenty of time to become even that much more efficient by the end of the where he has eighteen more hours of his own time. 2. Yes, Fred is breaking the law of demand. He is making more money now so the tuna should seem a lot cheaper to him. What he should be doing is buying as much and the best tuna he can. 3. Companies will not always be able to increase their revenue by raising the prices because generally as price goes up most peoples demand for that product will decrease. The consumer will substitute an additional item if the price gets too high. 4. Selling the product in different cities with different incomes could change the view on the product. If they sell it in Detroit rather than New York the price should be a little cheaper. 5. Margarine is a normal good and Is also a necessity. No matter how the maker will charge the consumer will always have a need and will still buy it 6. He should buy quantities of gold for it is the safest way because he has the gold in his hand. If you buy the stock market there are many more factors that could encourage the price making the stocks more of a hit or miss. 7. Explicit costs would be things like the lemons, cups, and other supplies. While the implicit costs would be what you make after you total away the explicit cost. 8. If a company is not making an economic profit, it does not mean that they should go out of business. I believe they just need to relocate to a place with a better economy or even look for new ways to benefit the company. 9. There are ways that you can benefit both sides of the company for the employee and the owner. One, you could pay more if done quicker, or you can give out a commission. Both of

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