Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3. More Coffee, More Working Hours, More Dollars! Your aunt, Shakira, owns a small clothing and shoe store. She mainly sells affordable and stylish designs
3. More Coffee, More Working Hours, More Dollars! Your aunt, Shakira, owns a small clothing and shoe store. She mainly sells affordable and stylish designs for the older population, 65 years and older. She makes decent revenues every month. She typically opens her doors every day from 10am until 3pm. She thinks if she opens her store for longer hours, such as from 9am to 10pm, she will sell more. Aunt Shakira knows that you are enrolled in an economics class, so she calls you and asks you the following questions: . What should I consider before I change my business hours? . If I change my business hours from 10am to 3pm to 9am to 10pm, is it guaranteed that I will make more revenue? How about profits, will I make more profits? . Given the type of market I am in then once I extend my business hours, can I increase the prices of all my products by 25% because I will offer more convenient hours
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started