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Question - Houston has 100 restaurants, 99 of which employ chefs of 'normal' ability at a salary of $50,000 per year. These 99 restaurants earn revenue of $250,000 per year, which is just enough to ensure a normal profit for the owners. One restaurant employs Duke who is a highly skilled chef. Duke's food is so good that customers are willing to pay twice as much to eat his food and his restaurant earns $500,000 in revenue.
a. Assuming the market is in long-run equilibrium, how much will Duke earn per year?
b. How much of Duke's salary is economic rent?
c. How much economic profit will the restaurant owner earn?
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consider an economy that produces only two goods fresh apricots and dried apricots. in this economy the technology of
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You want to borrow $300,000 to start a business. The loan's initial balance is increased by 2% of the loan's face value for loan origination fees.
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"Because of the hosing bubble, many houses are now selling for much less than their selling price just two to three years ago.
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