ECON 1P91 Lecture 4: October 15

4. [3 Marks] You paid $100 for tickets to see 5 Raptors games. You went to game 1, but missed game 2. If you can sell each remaining ticket for $15, what are your current sunk costs? A. $100. B. $60. C. $55. D. $45. E. $30. q Jemima Eunice 1 $100 $60 2 $85 $50 $35 $55 $25 $40 $15 $25 $70 Table 2: Marginal willingness to pay for running shoes for two marathon champions.

Conduct academic research on retailers who choose to open during Thanksgiving Day. Explore both sides of the issue and pick aside. Articulate why you chose a particular side. Utilize credible resources to support your position. Communicate your side and findings in a 2-3 page paper with at least 3 supporting sources.

Guide to answers:

Here are two articles found to get you started with your academic research.

Zarya, V. (2015, October 2). This retailer is taking (somewhat of) a stand against Black Friday shopping madness. Fortune, na. Retrieved from: http://fortune.com/2015/10/02/black-friday-thanksgiving-shopping/

Subramanian, C. (2013, November 20). Thanksgiving Is the New Black Friday. Time, na,1. Retrieved from: http://business.time.com/2013/11/20/thanksgiving-is-the-new-black-friday/

Please refer to the table below and answer the questions that follow.

Output      Total Cost

1                 $4

2                 $9

3               $15

4               $21

5               $28

6               $36

7               $45

8               $55

A. Calculate the marginal costs of production.

B. Calculate total profits when fixed costs are $0 and price $8.