Quest 1

In May 2016, New York's Metropolitan Transit Authority introduced high-tech buses equipped with Wi-Fi and USB ports to charge phones and other devices. These improvements encourage people to substitute away from cars, decreasing the demand for gasoline regardless of price.

From the short case study above:

Discuss the impact of demand towards this issues above

Quest 2

Consider a hockey stick manufacturer. They require materials such as lumber, labour, machinery, and a factory. If the demand for hockey sticks increased, the company would start producing more hockey sticks to meet the demand. They would order the necessary raw materials (lumber, for example) with little delay thus increasing their stock of those materials. In addition, the company would require a larger workforce. To guarantee a larger workforce, the company could hire more workers or give extra shifts and night shifts to its current workers. In this case, both of these factors (the raw materials and the labour force) would be considered variable inputs. On the other hand, an additional factory can't be a variable input. A new factory would be a fixed input, as the company wouldn't be able to build a new one in a short time. Furthermore, machinery could also be a fixed input since producing it and installing it might take the firm a long time.

From the short case study above:

Determine the types of production costs based on the case study above. You are required to state at least TWO (2) examples for each of the production costs involved.

Answer it correctly please. I ll rate accordingly. This is my last attempt. Ty-ped answer only.