economics

suppose u are running the food concession at the athletic events of ur college.you sell hotdogs,colas and chips.what are ur inputs of capital,labor and materials? if the demand for the hot dogs declines,what steps could you take to reduce output in the short run? and in the long run? (please i need the as detail answer as possible.)

physical capital are the myriad of things used in the business -- the appliances, the frig or ice chest, etc. Financial capital would include money in a checking account which is used to pay business expenses. Labor is what you pay your workers or yourself for your efforts. Materials includes the hot dogs, the bun, the mustard, the chips, etc.

Take it from here.

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