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Brian lives in Chicago and runs a business that sells pianos. In an average year, he receives $735, 000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $435, 000; he also pays wages and utility bills totaling $255, 000. He owns his showroom; if he chooses to rent it out, he will receive $10, 000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Brian does not operate this piano business, he can work as an accountant, receive an annual salary of $24, 000 with no additional monetary costs, and rent out his showroom at the $10, 000 per year rate. No other costs are incurred in running this piano business. Identify each of Brian's costs in the following table as either an implicit cost or an explicit cost of selling pianos. The rental income Brian could receive if he chose to rent out his showroom The wholesale cost for the pianos that Brian pays the manufacturer The wages and utility bills that Brian pays The salary Brian could earn if he worked as an accountant Complete the following table by determining Brian's accounting and economic profit of his piano business. Accounting Profit Economic Profit
In World War II, a German POW camp guard exchanged bread and chocolate with prisoners at the rate of one loaf for one chocolate bar. Inside the POW camp, the price was 15 cigarettes per chocolate bar, and 40 cigarettes per loaf of bread. Is there an ..
Which of the following situations would be counted as cyclical unemployment?
When traveling on vacation recently in a country with a large consumption tax, your textbook author was presented with a deal: pay cash and get a 10% discount. Given that credit card transactions cost the merchant less than 2%, why did the merchant m..
In 1981 Andrew Carnegie asserted that "parents who leave their children enormous wealth generally deaden their children's talents and energies and tempt them to lead less productive lives." Evaluate this statement using the labor-leisure model and e..
A mandatory health insurance plan costs $4,000. One worker earns $24,500 in employment income and $500 in investment income. Another worker earns $48,000 in employment income and $2,000 in investment income. Which of the payment systems in Exercise 1..
Using a required reserve ratio of 10% and assuming that banks keep no excess reserves, what is the value of government securities the Fed must purchase if it wants to increase the money supply by $2 million?
Kidding has uncovered evidence that seems to indicate that Rocket Man has been overbilling the government for a weapons system project. On the one hand he feels he has a duty to bring this wrongdoing to light. After all, he reasons, there is the grea..
The lunch you buy in your school cafeteria is classified as: a) a consumer durable. b) a consumer nondurable. c) a service. d)either a consumer nondurable or a service because it fits into both categories.
In 2008, the government initiated an $8,000 tax credit for first-time homebuyers in an effort to stimulate the housing market. This means that all first-time homebuyers in 2008 were eligible to take an $8,000 deduction from their taxable income for t..
When a country is forced to buy and sell currency on the international foreign exchange market to maintain its currency's value, what type of exchange rate does it use?
FDA assures that pregnant women are enrolled in investigational drug trials before a product is used when there is substantial use in women. FDA has the authority to stop the distribution of an approved drug until studies are done in pregnant women.
q.a. for jalapeno peppers draw a graph of market. be sure to label everything.b. draw a new graph that shows what
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