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The desire to maximize profits can work against racial and other types of discrimination. To see this, consider two equally productive accountants named Ted and Jared. Ted is black, and Jared is white. Both can complete 10 audits per month. a. Suppose that for any accounting firm that hires either Ted or Jared, all the other costs of performing an audit (besides paying either Ted or Jared) come to $1,200 per audit. If the going rate that must be paid to hire an accountant is $8,000 per month, how much will it cost an accounting firm to produce one audit if it hires either Ted or Jared to do the work?$. b. If the market price that accounting firms charge their clients for an audit is $2,300, what would the accounting profit per audit be for a firm that hired either Ted or Jared?$ per audit. What is the profit rate as a percentage? Instructions: Round your answer to 1 decimal place. percent. c. Suppose that firm A dislikes hiring black accountants, while firm B is happy to hire them. So Ted ends up working at firm B rather than firm A. If Ted works 11 months per year, how many audits will he complete for firm B each year? audits? How much in accounting profits will firm B earn each year from those audits? $. d. Because firm A passed on hiring Ted because he was black, firm A is forgoing the profits it could have earned if it had hired Ted. If the firm is willing to forgo up to $16,000 per year in profit to avoid hiring blacks, by how many dollars will firm A regret its decision not to hire Ted?
Smith suggests that division of labor leads to increased production through three different avenues. Explain. “It is the great multiplication of the production of all the different arts in consequence of the division of labour, which occasions in a w..
Graphically, show the time path of prices, MC, and resource consumption for oil depletion assuming a renewable substitute exists and MEC increases as extraction increases. How has the advent of fracking changed this model, if at all? Explain. Why is ..
A Bristish pharmaceutical company spent several years and considerable funds on the development of a treatment for HIV patients. Now,with the protection afforded by patent rights,the company has the potential to reap enormous gains.
is this the same quantity that the competitive market would have provided in equilibrium? What are the market forces leading to this quantity?
Why do governments prefer to avoid excessive current account surpluses? Or, why are growing domestic claims to foreign wealth ever a problem?
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Determine whether each of the following, other factors held constant, would lead to an increase, a decrease, or no change in the level of real GDP demanded:
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Suppose that this year the money supply is $500 billion, nominal GDP is $10 trillion, and Real GDP is $5trillion. All underlying work must be shown to receive full credit. What is the price level this year? What will happen to nominal GDP and the pri..
If the quantity of steel workers demanded falls from 30,000 to 20,000 when the equilibrium wage increases from $9.00 per hour to $11.00 per hour, then the own-wage elasticity of demand for these workers is/
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.
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