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1. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?
2. Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures? Explain.
3. Which of the following are short-run and which are long-run adjustments?
a. Wendy's builds a new restaurant.
b. Harley-Davidson Corporation hires 200 more production workers.
c. A farmer increases the amount of fertilizer used on his corn crop.
d. An Alcoa aluminum plant adds a third shift of workers.
Describe how each of following will affect consumption and saving schedules as they relate to GDP or the investment schedule, other things equal,
Describe how each of the following will affect the price and quantity of equilibrium. To find out the new values, describe how the supply and/or demand curves will shift in the following cases (if at all).
An analyst has timed a metal cutting operation for fifty cycles. The average time eachcycle was 10.40 minutes, and standard deviation was 1.20 minutes for a employee with a performance rating of 125%.
You're a manager at the Chevrolet division of General Motors. If your marketing department estimates that the semiannual demand for the Chevy Tahoe is Q = 100,000 - 1.25P
Sam currently earns $30,000 per year. the governments is considering a policy that would increase sam's income by 12%, but raise all prices by 8%. what is sam's compensating variation for the proposed policy? can you compute it without knowing his..
Determine what are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past twelve months.
Given a 50% learning curve, where the first unit costs is $1,000, the cost of the 4th unit would be: a. $800 b. $250 In the linear break-even model, the difference between selling price per unit and variable cost per unit is referred to as: a. varia..
Describe the market growth rate for product and service.
Provide a brief company and product description and describe the characteristics of your chosen product that differentiate the product in the marketplace.
Assuming that poor and rich countries have the same production function, illustrate how the poor country will converge with the rich country. Describe how this mechanism works. 2. In the data, countries with low living standards have capital-to-wo..
Employ the following information on hypothetical short-run production function to answer questions a-d. Compute the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically.
Examine how an organizations in each market structure like perfect competition, monopoly and monopolistic competition maximize profits.
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