Economics 121 Spring 2015 Homework 3

Economics 121 Spring 2015 Homework 3 in $7 only (Instant Download)

Free Sample Answer is given below.

1) What are the seven short run cost calculations? How do they relate to one another (how are some combined to come up with others)?

2) Complete the table below using the following information and making the necessary calculations.

Then answer the questions at the end of the paragraph.
Alicia Gregory owns a foot massage business. She leases 4 computer controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months’ notice. She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Alicia charges $25 per foot massage. Is there a profit-maximizing quantity of foot massages Alicia needs to sell per day? Why or why not? Is Alicia operating in the short run or the long run?
# of workers hired per day

Sample Anwer:

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