You are planning to run a hot dog stand during a forthcoming fair. You originally estimated that you will generated sales revenue of Rs 2000 and you have already spent Rs 1000 building the hot dog stand. The hot dog stand is nearly completed but now you estimate total sales to be only Rs 800 because the fair clashes with a major music festival in a nearby location. You can complete the hot dog stand for another Rs 300 Your decision rule should be to complete the hot dog stand as long as the cost to complete the stand is less than ?

Related Mcqs:

Macroeconomics deals with?

A. the behavior of the electronics industry B. the behavior of firms C. economics aggregates D. the activities of individual units...

In a free market?

A. government intervenes B. government plan production C. government interferes D. Prices adjust to reconcile scarcity and desires...

Inflation is___________________?

A. a decrease in the overall price level. B. an increase in the overall price level. C. an increase in the overall level of economic activity. D. a decrease in the overall level of economics activity...

Unemployment means that ?

A. there is excess demand in the labour market B. there are some people who will not work at the going wage rate. C. people are not willing to work at the going wage rate. D. at the going wage rate, there are people who want to work but cannot find work....

A market can accurately be described as_________________?

A. a place to buy things B. a place to sell things C. the process by which prices adjust to reconcile the allocation of resources D. a place where buyers and sellers meet...