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University of Florida engineering students are planning operating a mobile car clinic in Gainesville, Florida, during their summer break. This is an option to summer employment stacking plastic cups at a local injection molding manufacturer where they can earn $10,000 each over the three-month summer period. A van equipped for such service can be leased at a cost of $5,000 for the summer from an owner taking a long vacation in the Bahamas. Additional projected costs are $2,500 for insurance, and $5 per service call for materials and supplies. Their service calls would be priced at $30 per unit, plus any parts costs (parts will not be inventoried, but purchased from local parts outlets).
A. Determine the accounting cost function for this business (ignoring parts)?B. Determine the economic cost function for this business?C. Determine the economic break even number of units for this operation? (Assume a $30 price and ignore interest costs associated with the timing of the lease payments.)
Determine which of the following is the best example of two inputs that would exhibit a constant marginal rate of technical substitution?
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
In most developing countries, there are long lines of taxis at airports, and these taxis often wait two or three hours. Illustrate what does this tell you about the price in the market. Carefully Explain with supply and demand analysis.
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economists also the public at large normally think of skill-level having having an inverse relationship with unemployment.
If the MPC = 0.94, C 0 = 45, I = 150, G = 125, T = 75, X = 50 & IM = 60: Write out the consumption function. Compute the simple multiplier.
Most Republicans need to reduce federal spending. Democrats do not want to reduce federal spending by as much as Republicans do.
Elucidate considerations would guide a profit maximizing company in deciding how to allocate its research budget.
Provide a graph of the Solow model, indicating the position of the golden rule level of saving (SR), and explain why it is preferred.
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