Principles of Microeconomics
Principles of Microeconomics
Assignment Instructions: I need help with 2 discussion posts.
Discussion Post #1
Prior to beginning work on this discussion forum, review Chapter 7 of your textbook, Principles of Microeconomics. Imagine that you own a restaurant in downtown Chattanooga. You are thinking about expanding the restaurant by adding more workers and buying more kitchen equipment. Based on this scenario, answer the following questions in a minimum of 300 words:
–Distinguish between the short run and the long run for your restaurant. Make sure to provide examples.
-Explain if the restaurant faces the issue of diminishing marginal product of labor.
-Discuss how the restaurant can reduce diminishing marginal productivity while expanding the business.
Chapter 7-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch07sec7.1
Discussion Post #2
Prior to beginning work on this discussion forum, review Chapter 8 of your textbook, Principles of Microeconomics, and pick any one business in your area and, answer the following questions in a minimum of 300 words:
-Describe how the long-run average cost (LRAC) curve can be derived from the short-run average total cost (SRATC) curve.
-Discuss if the business you chose enjoys economies of scale. Be sure to explain why the business may or may not have economies of scale.
-Explain how economies of scale help your business compete in its industry.
Chapter 8-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch08sec8.1
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