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Option 2: Consider a restaurant owner who has signed a one year lease for a building in Galveston. The lease requires a monthly rent of $2000. The owner also acquired a liquor license for one year for $7000. For simplicity assume these are the only fixed costs and these costs are sunk. The restaurants revenues are around $6000 for 6 months of the year (high season) and $1500 per month for the rest of the year (low season). Monthly variable costs are $3000 in the high season $2000 in the low season   (i) Would the firm find it optimal to remain open in the low season? Why or why not?   (ii) Would the firm want to exit this industry in the long run (after one year)? Explain.

PART 2 OPTION 3:

Exposing treated silver plates to light and then fixing the images onto the plate with a mineral salt solution creates __________.

The Hagia Sophia is an example of the international style.

A keystone is the stone at the central, highest point fo a round arch, which holds the rest of the arch in place. 

A sculpture created from found, discarded, or familiar objects is called __________. Nick Cave’s Sculpture is an example.

Artemisia Gentileschi was a Barque painter whose subject matter was influenced by what life event?   

Jan van Eyck’s Madonna and Child with Chancellor Rolin, demonstrates the glowing, vibrant, and details that is achieved with ________ medium. 

A translucent painting medium that is uses water-soluble gum as binder and water as a vehicle is  __________.  

Willem de Kooning’s Woman and Bicycle is controversial for its ________.