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Give a tourism/hospitality relevant example of how the factors of production can be substituted to minimise costs.
1. Give a tourism/hospitality relevant example of how the factors of production can be substituted to minimise costs.
2. If total cost of opening a restaurant for the night is $3000 and total fixed costs are $1500, if the restaurant can serve 100 diners, what is the marginal cost of serving an additional diner if there is capacity to do so?
3. What is the difference between average costs in the short run for a manufacturing firm compared to a service firm?
4. Describe three external economies of scale that could be seen in the Gold Coast tourism industry.
5. Describe TWO market structures of your choice. Provide an example of a tourism or hospitality service provider for each market structure and explain how the characteristics of the market structure affect the pricing practice of your examples.