Economics Discussion Question; Cost of popcorn spikes


Economics Discussion Question

Cost of popcorn spikes

Listen to the following NPR audio clip;

http://www.npr.org/templates/story/story.php?storyId=92529379

Then, applying what you have learned in, briefly discuss and provide examples of the following questions related to the cost of popcorn:
(1) What two factors are the basic determinants of costs? Give examples of both determinants from the audio clip;
(2) What’s the difference between direct (explicit) and indirect (implicit) costs? Give an example of both from the audio clip;
(3) Did Will Weaver seem to be driven to minimize costs (briefly justify your answer)? Give two reasons why business people worry about the costs of production

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