The elasticity price will drop lower
Take value of the home $210,000
Subtract his balance of 160,000
Leaves you with 50,000
50% of 50,000= 25,000
I need the boxes in order to help.
Answer:
c) a firm does not have sufficient time to change the level of use some of its inputs.
Explanation:
The definition of short-run in economics is not a term to be used for a specific certain period of time but it means that the period of time is too short that the firms cannot change the level they are using of some of their inputs or costs. It means they do have fixed costs they cannot change. For example, all machinery installed, a yearly rent paid, electricity or others that the firm cannot change unless there is sufficient time. In a short period of time, it will have those costs anyway. The firm cannot change the level of that input. And it is short run of at least one input. It may be many. But it is not necessary to have all inputs unchanged to consider that period of time as short-run.
However, firms can change level of inputs if they have more time. That is cost the long run. All costs are variable costs when we are in long run.
Total Amount
Explanation:
Total Amount - $65.10
1 appetizer: $7.39=7.39
2 entrees: $16.99 each= 2 * 16.99=33.98
1 dessert: $5.29= 5.29
2 drinks: $2.30 each=4.6
cost = 7.39 + 33.98 + 5.29 + 4.6 =$51.26
7% tax = 51.26 * 0.07 = 3.5882
20% gratuity = 51.26 * 0.2= 10.252
Total cost = 51.26 + 3.5882 + 10.252 =65.1002
the total amount = $65.1
