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Problem
1. Dustin is planning to open a catering business. Give examples of an explicit cost and an implicit cost his new catering business might incur.
2. Imagine you're in a meeting with the owner of a restaurant, who is trying to decide whether to keep his restaurant open or to invest his time and money in another way. Explain to him the difference between accounting and economic profit, and why it should matter for his decision.
Assuming that the categorization of citizens listed above represent the entire working-age population, calculate the labor force participation rate for Nation Q
A contractor estimates maintenance costs for a new backhoe to be $275 for the first month with a monthly increase of 0.5%. The contractor can buy a 4 year maintenance contract for $18,500 at any point.
Apple recently launched the iPod nano under 2-different versions:2GB and 4GB. There are two types of customers of the iPod nano.
As an investor, what kind(s) of economic information would you look for if you were thinking about investing in the following?
The marginal cost for a software company is zero. There are equal numbers of home users and commercial users, and the company cannot distinguish between the users. What is the best strategy for a software developer given the demand below?
Many economists believe that the trend toward greater wage inequality across the U.S. economy was primarily caused by __________.
How did Keynesians attempt to reduce unemployment? In new macroeconomic model, what effect will an increase in aggregate supply have on prices and unemployment?
A new punching machine will cost $3,692. At the end of its 10 years useful life, the machine can be sold for $751. The new machine will reduce annual expenses by $537. The interest rate is 10%.
a) Suppose P = 100 – q, Cost = 20q, and the resource constraint is Q = 80. Find the optimal allocation over two periods. What is the value of the resource? Suppose I impose a tax of 10$ per unit extracted. What happens to the allocation in (a)
The market where business sell goods and services to households and the government and The largest source of household income in the U.S - Considering an economy with a current trade deficit and considering only the direct effect on income, an expan..
Discuss the performance of the economy over those ten years and provide evidence and explanations for the economic performance such as a high unemployment rate, high inflation rate and/or steady, long-term economic growth.
Discuss the opportunities provided by technology for businesses.
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