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A Why do restaurants shut down at a certain hour of the day, say 10

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A. Why do restaurants shut down at a certain hour of the
day, say 10:00 p.m? Why do movie theaters still show
movies that have just a handful of movie watchers?
B. What is the difference between accounting profit,
economic profit, and normal profit?
C. What is the law of diminishing returns, and why is this
law considered a short-run phenomenon?
Solution
a) Restaurants shut down at a certain hour of the day, we
can say one of the reason is hours of operation are so long
as compared to their payment time.But from the point of
view of economics their is less demand after the shut down
timing because their will be some fixed timing in which
people want to eat food and if we talk about theaters their
will be more demand i would say in night because people
want to watch movie in free time and this time will be the
best time to go for a movie. From business side opening a
resturant after shut down time will consume more labour
and more cost and for theaters it will be more beneficial to
open in night.
b)
The theoretical construct of perfect competition can never

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A. Why do restaurants shut down at a certain hour of the day, say 10:00 p.m? Why do movie theaters still show movies that have just a handful of movie watchers? B. What is the difference between accounting profit, economic profit, and normal profit? C. What is the law of diminishing returns, and why is this law considered a short-run phenomenon? Solution a) Restaurants shut down at a certain hour of the day, we can say one of the reason is hours of operation are so long as compared to their payment time.But from the point of view of economics their is less demand after the shut down timing b ...
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