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Answer:
Opportunity Cost:
Opportunity cost can be denied as the benefit a person has received but giving up taking another course of action. In other words, it can be defined as the next best alternative.
Given that the Nike women's store earns a profit in excess of $437,000. The owner of the store pays $18,000 per month as rent. A real estate agent approached the owner and informed her that she could add $7,700 per month to her firm's profits by renting out the portion of her store that she uses as a fitness studio.
From the given question the opportunity cost of continuing to operate the fitness studio within the store is $7,700.
Answer:
Decrease consumer surplus
Decrease total welfare
Explanation:
A competitive equilibrium occurs when demand equals supply in a competitive market. A point where demand curve intersects supply curve. If a binding limit is imposed on the number of firms in the market, supply curve will fall. This results in higher equilibrium price and lower equilibrium quantity compared to the efficient outcome without the binding limit. Thus, consumer surplus will decrease (because they pay higher prices for lower quantity) and total welfare will decrease (since consumer surplus decreases).
Consumer surplus is the difference in the amount a consumer is willing to pay and how much he actually pays. Total surplus is the sum of consumer surplus and producer surplus.
Answer:
Ratna is preparing q presentation titled "similarities between micro-level and marco-local ... - did not match any documents.
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<span>This question suggests that the garment manufacturer uses grouped work stations. Instead of using a more streamlined process in which the material would move smoothly from cutting to sewing to pressing, the cutting machines are in a group in one place. Likewise, the sewing machines are in a separate area, as are the pressing machines.</span>