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Your mother owns and runs an arts and craft store and business is doing well. She would have otherwise been employed as a high school geography teacher making $80,000 a year or as interior decorator making $68,000 a year. She owns the building in which her shop is located, which she could have rented out for $24,000 a year. Her annual revenue from the shop is $430,000 and she employs four workers, each of whom earns $30,000 a year. On average, she spends $206,000 per year traveling, purchasing and shipping unique merchandise for resale at her store. Based on this information, do you think you should encourage her to return to teaching? Explain by discussing her opportunity costs, her accounting profit and her economic profit (and show your calculations).
Illustrate and fully describe using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisi..
Explain a situation using the supply and demand for skilled labor in which the increased number of college graduates leads to depressed wages.
will all the value end up going to customers, or will companies be able to reap a share of it will the internet bolster or erode the ability of companies to gain sustainable advantages over their competitors
why can the distinction between fixed costs and variable costs be made in the short run? classify the following as
Using the expanded circular flow model. the government has a budget?
Suppose there is a sale on prints, reducing the price from $20 to $10. If Kate had $140 to spend on plants and prints, how many of each would she buy to maximiz
"Popcorn Movie" Experience Gets Pricier Cinemas are raising the price of popcorn. Demand for field corn, which is used for animal feed, corn syrup, and ethanol.
Identify fundamental lessons Ten Principles of Economics teaches regarding: How people make decisions, How people interact and How the economy works as a whole?
The demand for tables is P=24-2Q and the supply is P=Q. If the government were to impose a price floor of $12, What is the deadweight loss created by the price.
A risk averse person with a von-Neumann-Morgenstern utility index of: U = ln(Y) has a 20% chance that a disaster will reduce her regular income of $100,000.
Suppose a computer virus disables the nation's automatic tellter machines, making withdrawals from bank accounts less convenient. As a result, people want to keep more money on hand, increasing the deman for money.
Homework #4 EconS Find a real-life example of a patent awarded in the U.S. during the period 2008-2014. Explain the characteristics of the invention and discuss its impact on the market. Identify the price of the product, market structure and comp..
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