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Gomez runs a small pottery firm. He hires one helper at $15,000 per year, pays annual rent of $6,500 for his shop, and spends $23,000 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 $6,000 per year if alternatively invested. He has been offered $20,500 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $5,000 per year (input cost for organizing resources). Total annual revenue from pottery sales is $82,000. Calculate the accounting profit and the economic profit for Gomez’s pottery firm. Accounting profit = $ Economic profit = $
The market demand curve for a monopolist is as follows: Q = 18000 – 400P Marginal cost of this firm is $ 20 and is constant. Find the profit maximization level of output and price. Find the revenue maximization price and quantity.
Miley Cyrus, under the conditions of a court order, is required to enroll Summer session at Kardashian College. She is granted $50 a week to spend: either on energy drinks at $2.50 each or on gasoline for her Bentley at $4.00 per gallon. In part a), ..
Managers are responsible for ensuring fair and accurate financial reporting. Managers also have inside information that can aid their estimates of future outcomes. Yet, managers face incentives to strategically report information in their best intere..
Refer to the payoff matrix below. Based on the information on the payoff matrix, what is the dominant strategy?
Which of the following is viewed as a fundamental building block of the U.S. economic way of thinking?
Consider a single-price monopoly
Describe the four basic types of market structures Although there are many different examples of economies in the world, all of them demonstrate one or more of the four basic types of market structure. For this assignment, in your own words, Identify..
In terms of the consumer theory set forth in this chapter, can you explain the meaning of the following statements? a. "I think you get more for your money from Nike than from Reebok." b. "I wanted to buy a Boxster rather than a Malibu, but it just w..
consider a country described by the one-country model in section suppose that the country temporarily raises its levels
A single firm monopolizes the entire market for some product which can be produced at a cost of c(Q) = Q^2. The firm faces a market demand curve given by Q = 60 ? 0.5p. What is the firm’s profit? Calculate the Lerner Index for the market
Specifically, in the RIMS II model espoused by the BEA, capital spending in a region induces job creation therein, based off of specific multipliers. Where do these multipliers come from, and what do they mean?
Do a Library search for an articles about Robert Merton's Structural Strain Theory. This theory talks about the kinds of responses that one might expect when the "normal" legitimate means to acquiring the "good" stuff in life is blocked. The block ca..
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