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Sam is deciding whether to take a one-year full-time singing course after completing a part-time introductory vocal course in a music academy. If he chooses not to study, he can work as a music teacher. Some of his costs are listed below. I. A one-year tuition fee of $100,000 for the singing course II. An annual rent for the coming year of $60,000 on the flat which has been living for the last 10 years III. The annual income of $180,000 for being the music teacher IV. The course fee of $20,000 for the introductory vocal course
a. Explain which of the above costs should be regarded as the cost of studying the singing course.
b. Use the concept of cost to explain why more people choose to study during economic recession.
The market demand function for ice cream cones is Qd = 19.5 - 5P. The market supply function for ice cream cones is
1. Write linear constraints with continuous and integer variables for the following problems. You need to clearly de?ne the variables that you introduce and giv
Cary has the following utility function: U(X,Y)=10x^2y where X is her consumption of Blu-ray disks with a price of $40 and Y is her consumption of DVDS with a price of $10. She has $900 with which to spend on the two goods. Determine the number of Bl..
How does the deadweight loss depend on the elasticities of the demand and supply curves? Explain.
Suppose that an individual's demand for the number of physician visits per year, Q, can be represented by the following equation: Q=5-0.40P, where P, the market price of an office visit, equals the marginal cost of $100. Determine the efficient numbe..
The demand for football tickets is Q = 360 – 10P and the supply of football tickets is Q= 20P. The government levies a per-ticket tax of $4, which is paid by consumers. Calculate the after-tax price paid by consumers. Calculate the gross price receiv..
The salvage value 10 years from now is projected to be $30,000. What rate of return will the firm make on this investment?
Which stakeholder group is primary in both the Market Capitalism and Stakeholder model? Which type of economy allows private individuals and corporations to own the means of production and compete in a free market? The theory that government should i..
What is the short-run equilibrium price. What is the short-run equilibrium market quantity.
In the country of Republic of Texas indirect taxes are $4,664, corporate income taxes are $9,824, transfer payments from the government to households are $9,403, personal income taxes are $5,723, the interest paid on the debt of the government is $9,..
A third brother, Rex Carr, owns a junk yard. Rex can use one of two methods to destroy cars. The first involves purchasing a hydraulic car smasher that costs $200 a year to own and then spending $1 for every car smashed into oblivion; Write down the ..
The state of Minnesota is considering building a highway through undeveloped wilderness. The construction will take 1 year and the construction costs are estimated at $10 million. The annual routine maintenance costs are expected to be $1 million per..
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