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Suppose all firms in an industry have "competent" managers and earn zero economic profit. The manager of one of the firms suddenly leaves and the firm finds that only incompetent applicants respond when the position is advertised at the original salary of $50,000/yr (which is the going rate for competent managers in this industry).Under an incompetent manager paid this salary, the firm will experience an economic loss of $20,000/yr. At what salary would it make sense for this firm to hire an incompetent manager?
Create an extended definition of Classification and Division. Make sure to give enough detail and instruction so that your audience can understand what you are teaching them and how to create one of their own
The cost function per t-shirt is identified to be the following: y=ln(X+1). Fixed costs associated are a step function based on area needed. For each 1000 shirts, the cost associated with storage space is $1000 .
A household's decision about what quantity of an output or product to demand depends on a number of factors. List them.
Suppose that the marginal damages to society from air pollution are MD=e-25, where e is the level of air pollution. Suppose also that the marginal cost of reducing the air pollution on the part of firms is MC=200-2e.
Suppose the above government is producing $600 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $700. How large is its budget deficit Its cyclically adjusted budget deficit
Suppose that every additional five percentage points in the investment rate (I/GDP) boost economic growth by one percentage point. Assume also that all investment must be financed with consumer saving. The economy is now assumed to be fully employ..
Smith Corp. has determined that its contribution margin, (P - MC)/P, is 40%. A recent market research study found the following relationship between adverting outlays and sales revenue. Advertising Outlays Gross Revenues from Sales $500,000 $4,000..
Let a firm's long-run production function be Q= 1/10LK +3L^2K-1/10L^3K Assume that in the short-run the firm's labour input is fixed at 10 units. a) What is the firm's short-run production function? b) What are the short-run average and marginal prod..
Mr. Wayne, CFO, provides you with the following information based on experience and management policy. All sales are credit sales and are billed the last day of the month of sale. Customers paying within 10 days of the billing date may take a 2 pe..
a. If the Fed requires banks to hold 5 percent of deposits as reserves, how much in excess of reserves does First National now hold b. Assume that all other banks only the required amount, by how much would the economy's money supply increase
When the more current observations are more relevant to estimate of next period than previous observations, the naive forecasting method to employ is
Sean Bell invested $10,000 on a blue chip stock five years ago and paid a commission of $90. He sold it today for $14,192.20 and paid the same commission, exactly 5 years and 4 months since the stock was bought. Determine the rate of return on thi..
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