Question details

Elasticity and Production Costs
$ 12.00

QUESTION 1

 

Identify two (2) elastic and two (2) inelastic goods that you have purchased in the last month and explain the main reason why you identified them as such.

 

QUESTION 2

 

"Production Costs" Please respond to the following:

 

You are the owner of a fast-food restaurant. Given a new item that you recently advertised, you experience additional demand for your business that you do not want to ignore. Identify your fixed and variable costs at your fast-food restaurant, and explain the changes to each of these costs given the increased demand.

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