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The Jonesville Clinic is an inner-city clinic that provides primary care for indigent persons. Three physicians volunteer 5 hours a week each. Normally, physicians earn $450 per hour, but the clinic is lucky to get their services for free. The clinic hires two nurses annually at $54,000 each. Overhead, including secretarial time, is $45,000 a year. Ace Pharmaceuticals donates $6000 worth of drugs annually, and the First Street Mall donates a small office. The mall's owners could get $1200 monthly in rent for the office. What is the economic cost annually of operating the clinic?
Using a simple example, explain the Comparative Advantage Theory and how Countries can benefit from international trade.
Comprehend the implications of Vision 2040, government policies, culture and historic contexts on businesses and Discuss the implications of globalisation
Suppose the demand function for a mineral (exhaustible resource) is given by pt = 700 - 0.2qt: Assuming that the marginal cost of extraction is constant and equal to $200 per unit extracted, and the discount rate (r) is 0:05. State the values of the ..
An inspector selects 110 items at random from the assembly line. Approximate the probability that exactly 3 defectives are selected.
We have examined four market structures so far-- (perfect) competition, monopolistic competition, oligopoly and monopoly. Please pick one market structure and find a (few) representative firm and explain why this firm's behavior is consistent with th..
Suppose there are 100 firms in a perfectly competitive industry. Each firm has a U-shaped, long-run average cost curve that reaches a minimum of $10 at an output level of 8 units. Marginal costs are given by MC(q)= q+2 and market demand is given by Q..
Explain whether the following events will affect fixed costs or variable costs (make sure you justify your answer):
If the market of a certain product experiences a decrease in supply and an increase in demand, which of the following results is expected to occur?
For the industry you have chosen, discuss how price moves from today to the future.
In his discussion of post-WWII growth in France, Blanchard describes the effects of destruction of part of a nation's capital stock. Suppose that instead of a decline in the capital stock a country experiences a decline in N resulting from a plague t..
The project you are managing is now behind schedule. Describe the analysis you would undertake when faced with this challenge. What are some of the actions you would consider to take to try to bring the project back on track?
Explain how convinced are you that the new 30-gallon trash bag is the strongest such bag on the market.
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