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Sam runs a shoeshine stand at the airport. Sam has no skills, no job experience, and no alternative employment.Entrepreneurs in the shoeshine stand business earn $12,000 a year. Sam pays the rent of $1,500 a year, and his total revenue is $15,000 a year.He borrowed $600 at 15% a year to buy equipment.At the end of one year, Sam was offered $300 for his business and all its equipment.
What are Sam's explicit costs? Implicit cost? and economic profit in the first year?
What happens when there is a surplus of imports brought into the U.S.? Cite a specific example of a product with an import surplus, and the impact that has on the U.S. businesses and consumers involved.
Draw a well labeled graph of the market for paintbrushes. In your graph indicate the equilibrium price and the equilibrium quantity. Also, identify the area that corresponds to CS and the area that corresponds to PS.
Suppose that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost. Carefully explain what will happen to the number of firms, the market supply and the price of the good
An engineering student requires to replace the battery in her car so that she can drive home for a vacation after Spring Semester. She has located following possibilities:
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or demand for lavo. Identify and explain two factors that would increase or decrease the supply of labor.
Ellucidate why is it that wages are not dropping instead they are inching upward on a year to year basis.
Describe the relationship between unemployment and real and nominal wages. Which is more important and why What effects would either an increase or decrease in unemployment have on wages
A is a much more demanding and also a more prestigious institution than B. B is a safe option in the sense that you know you will do reasonably well academically there, and that after graduation you will land an "adequate" job.
If it is lower than the set price, it will create a producer surplus. How do you think the taxes and other government related charges play into the buying and selling prices?
Why did the Economist think the opposite would occur soon after Britain exited the ERM? In what way might ERM membership have gained credibility for British policy makers? (Britain entered the ERM in October 1990.)
Many controversial issues in public finance concern when a central authority should allow markets to work and when it should intervene. Generally we think of the government as the central authority, but it could be a university as well.
Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Draw the game tree associated with this situation. Using the backward induction method discussed in the online class notes, what will be th..
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