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Question: Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if alternatively invested. He has been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,000 per year. Total annual revenue from pottery sales is $72,000.
Calculate the Accounting and Economics profits for the firm.
Find the domestic price of hula beans that will result if the tariff is imposed. Also compute the dollar gain or loss to domestic consumers, domestic producers, and government revenue from the tariff.
Returns to scale are about the relation between the size of a firm and its production. If you have a firm of a certain size and then increase all its inputs by the same factor, will then the total output also increase by the same factor.
Use the relationship between the current account and GDP to explain the difference in growth rates between the two economies
a firm produces a product with a fully allocated average cost equal to 20.nbspnbspif the price elasticity of demand for
The ratings for the three formulas are as follows: A 35 36 44 42 37 40 B 43 44 42 32 39 41 C 46 47 40 36 45 49 What is the value of chi-square at the 5% level of significance?
How much should this firm produce now, and what price should they charge? Explain, calculating total profit or loss earned at this quantity.
What are the external costs of driving a car?
Suppose P (domestic price) and P* (foreign price) are both increasing. Now suppose that the dollar experiences a 5% nominal depreciation. a. Which country is experiencing the higher rate of inflation if the domestic currency experiences
What is the difference between the optimal level of total consumption and the level of total consumption in equilibrium?
The parents of a child set up a college fund for her. They contribute $450 monthly to the fund which pays 4.25 % interest compounded monthly.
Derive a total revenue function and a marginal revenue function for the firm. Calculate the profit maximizing level of price and output for One and Only Inc.
Many environmentalists, or general members of the public, are horrified by the notion of marketable pollution permits. They argue that big corporations should not be able to buy the right to pollute the environment. Make the counter-argument.
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