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1  Hotel A is an all-exclusive resort in Cancun

Economics

Hotel A is an all-exclusive resort in Cancun. All drinks and meals are free for the customers of Zamazingo. Suppose that the demand for meals by a representative consumer is P = 7-Q where P is the price of a typical main course dish and Q is the number of main course dishes that the consumer would eat. The marginal cost of cooking any dish is zero (of course, in reality this is impossible. Let us assume this to make the question simple). The entry-fee for the resort is F. Instead of an unlimited meals, the management of Hotel A also considers to sell each meal for the price P without any entry-fee, F = 0. Is this a good idea for the resort hotel? Is this a good idea for the consumer? ww www

Suppose that the short-run total cost of a firm is given by SRTC = Q2 - 2Q + 1. What is the short-run marginal cost of this firm if the output level is Q = 12? Select one: 2.12 6.22 c. 121 d. 80 e. 48

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