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Are the following statements true or false? Explain your answer.
1. If the owner of a business pays himself no salary, then the accounting cost is zero, but the economic cost is positive.
2. A firm that has positive accounting profit does not necessarily have positive economic profit.
3. Industry X is characterized by perfect competition, so every firm in the industry is earning zero economic profit. If the product price falls, no firms can survive.
q1. you have been hired to be a consultant on pricing strategies for two different companies. both of the companies
Suppose that a firm produces output using the production function Q=0.5L + 1.5K, where L and K represent labor and capital inputs, respectively. Suppose that the cost of L is $10 a unit and the cost of K is $ 25 a unit. What is the optimal bundle of ..
Consider the market for music downloads. The market demand curve is given by P=10-(1/6)Q. Where Q is the number of downloads sold per hour and P is the price per download. Apple is the dominant firm in this market with constant marginal costs MC=6.
Graphically illustrate the concept of an over-valuation of the dollar vis-a-vis the euro. What is the real explanation of the fact? Feel free to use your own data to illustrate the point.
We often speak of how price ration goods. What are other rationing measures in clinics in which free care is provided?
Using production theory as a basis, is the CEO correct in his assumption that lazy workers or ineffective supervisors are to blame for the decline in productivity? What other explanations might be possible?
A manufacturing company is considering investing in a new cutting machine that will cost $140,000 and has an annual maintenance cost of $15,000. There is also an additional overhauling cost of $30,000 for the equipment at the end of every four years...
Construct a demographic transition plot for your country with the birth rate, death rate, and population level all on the same graph over the period 1960—2010 (there may be missing data; connect points using straight line; put population on the right..
Consider the following two mutually exclusive alternatives for reclaiming a deterioring inner-city neighborhood (one of them must be chosen). Notice that the IRR for both alternatives is 27.18%. If the MARR is 27.4% per year, Which alternative is bet..
Which of the following accurately brings out the distinction between small business and larger firms? A(n) _____ is a precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals. Which of the foll..
The world willingness to pay for oil is given by P = 200 - Q, with P in dollars per barrel and Q in thousands of barrels per month, and OPEC is planning its strategy to set the world oil price. The competitive fringe of small firms takes the price OP..
Suppose the market price of tuna is $3.50/pound. Explain how many fisherman should the company use if the daily wage rate is $100.
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