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Gomez runs a small pottery firm. He hires one part-time worker at $12,000 per year, pays annual rent of $5,000. for his shop and spends $20,000. per year on materials. Gomez has $40,000 of his own funds invested in equipment (pottery wheels and kilns) which could earn him $4,000. per year if alternatively invested. Gomez has been offered $15,000. per year to work as a potter for a competitor. Gomez estimates his entrepreneurial talents are worth $3,000. per year. Total revenue from sales is $72,000. per year. Calculate the accounting and economic profit for Gomez’s pottery firm.
Using the numbers that you calculated above, explain the relationship between the marginal cost and average variable cost.
What is the primary goal of monetary policy and what are the three primary tools available to the Federal Reserve to meet this goal?
structure of the essayintroduction which topic 300 wordsbody- discuss the topic from your secondary research with
The price of wine is $10 per bottle, and the price of cheese is $4 per pound. The last bottle of wine added 50 units to Bridget's utility, while the last pound of cheese added 40 units. Is Bridget making the utility-maximizing choice.
Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be. How do fixed costs play a role in your analysis? What is the difference between shutting ..
What is the payoff table? If the firms act independently what advertising level should each choose? Could the firms profit by entering into an industry wide agreement concerning the extent of advertising?
Some firms with monopoly power are more focused on market share, size and influence in the economy. This is particularly true if there is a tendency for ownership (stockholders) and control (managers) to be separated.
q.pharmaceutical drugs have an inelastic demand as well as computers have an elastic demand. suppose that technological
Full employment is without a doubt the ultimate goal of every nation; however, in spite of the failures of controlled labor markets over the past thirty years there is still a lot of controversy
If operators receive $25 an hour, how many operators should the agency hire. Illustrate what is the most the agency would be willing to pay the first operator.
Suppose you are interviewing the CEO of a large company. The CEO is telling you about his or her job as a manager and how he or she spends time. Using the description below, which function of management is the CEO most likely describing in this examp..
If there are two firms in the market, what are their profits after taking into account the entry cost?
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