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You own and operate a bike store. Each year, you receive revenue of $200,000 from your bike sales, and it costs you $100,000 to obtain the bikes. In addition, you pay $20,000 for electricity, taxes, and other expenses per year. Instead of running the bike store, you could become an accountant and receive a yearly salary of $40,000. A large clothing retail chain wants to expand and offers to rent the store from you for $50,000 per year. How do you explain to your friends that despite making a pro?t, it is too costly for you to continue running your store?
(a) Find your accounting pro?t.
(b) Find your economic pro?t.
(c) Explain your decision.
According to Aristotle, a virtue is more than worthwhile habit; it is also a ________. On Aristotle’s “doctrine of the mean,” one of the most important factors in determining the virtuous course of action is to relate the (17) _________________ to (1..
There has been a bumper crop of peanuts this year. What do you expect to happen to the price of jelly? Explicitly state the steps in logic you use to come to your conclusion and remember to draw the supply and demand graphs.
Compute the value of this stock with a required return of 11.5 percent.
Boris budgets $9 weekly for his morning coffee with milk. He likes it if it is prepared with 4 parts coffee, 1 part milk. Smith likes cashews better than almonds and likes almond better than walnuts.
What warnings would you give forecasters in using statistical demand equations for estimating consumer demand? How can the problems associated with using static equations in a dynamic world best be dealt with? Elaborate.
Goods added to inventories during a given year are: If aggregate demand grows more rapidly than aggregate supply, prices
According to the equation of exchange, if total output is 2,000 units, the velocity of money is 5, and the money supply is $1,000, the average price per transaction will be
In 2011, the Deepwater Horizon oil spill in the Gulf of Mexico causd heavy damage to the fishing and tourism industries of Louisiana and other coastal states. In addition, there were long-term ecological impacts on fish and wildlife. In terms of depr..
Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2.94 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which it wil..
What is the difference between an economic profit and an accounting profit, give an example? 3. Discuss the difference between diseconomies of scale and diminishing returns. Based on the cost curves which is more likely in businesses?
What is this firm’s marginal cost function? Over what range of output are the firm’s marginal costs decreasing? Increasing?
A monopoly is considering selling several units of homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 50-.25P, and the marginal cost of production is $120. Determine the optimal number of units to put in a pa..
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