Suppose you are running the food concession at the athletic events for you college. You sell hot dog, colas, a
Answer:
Usually the people that are doing this are volunteer's and the money goes straight to where it is needed,it seems as though you looking to get payed for your time which might offset the actual profits .
capital, is the money in the register, the building u operate,
labor are those working for the stand
materials are misc things that requires to run the business, pens pencils,
food would be more of an asset then capital
In the short run you have to kind of ride it out, because any given game you might sell more, or less hotdogs you dont want to run out of them.
In the long run take averages of hot dogs you sell per game over a course of a few seasons, and estimate the number of hot dogs you should have on hand. Therefore you have a sufficient ammount of hot dogs on hand for the season.
I just read the above answer and comlpetely disagree. money is not capital, materials are not pens.
capital includes your cart or building, cooking gear, coolers, ice maker, and anything else physical you use to serve the food.
labor is your opportuntiy cost if you work alone, to get this you must ask what is the value of the next best thing I could be doing if I weren't selling food.
materials are the dogs, chips, drinks, cups, condiments, plates, napkins, anything that is that is given to the customer after the sell.
in the SR you could work less, buy less material. Normally, the capital you bought is the capital you have. In fact, the definition of SR is that you have some input fixed and normally this is capital.
In the LR do the above plus reduce the size of you cookers, and coolers, maybe have a smaller cart. The definition of LR is that all inputs are variable.
Hi
I need answer of this question and i will be very thankful to u if u all help me and provide an anwer of the above question.
thanks
Please help me in this :
I shall be very thankful to u for this act of kindness
The answers post by the user, for information only, FunQA.com does not guarantee the right.
More Questions and Answers: