Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Definition of economic costs
Lorenzo lives in Detroit and operates a small company selling drones. On average, he receives $833,000 per year from selling drones. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $464,000. He also pays several utility companies, as well as his employees wages totaling $278,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $68,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Lorenzo does not operate the drone business, he can work as a programmer and earn a yearly salary of $34,000 with no additional monetary costs, and rent out his storefront at the $68,000 per year rate. There are no other costs faced by Lorenzo in running this drone company.
Identify each of Lorenzo's costs in the following table as either an implicit cost or an explicit cost of selling drones.
Consider the following parameters that describe an economy: C = 50 + 0.8YD I = 70 G = 200 TR = 100 t = 0.2 a. Calculate the equilibrium level of income.
The demand for Professor Swinnen`s new book is given by the function Q= 2000 - 100p.
Price elasticity of demand refers to the percentage change in demand resulting from a percentage change in price. Please review the definition of relative inelasticity and relative elasticity. These terms refer to how much demand changes based on ..
Write a one page book review of Henry Hazlitt's "Economics in One Lesson".
Discuss Hjalager's definition of globalization with reference to an example from leisure or tourism. Apply and explain Hjalager's four-stage model to an example from leisure or tourism.
What is the difference between ordinal utility and cardinal utility? Explain why the assumption of cardinal utility is not needed in order to rank consumer choices.
Store the estimates from the FE model, and refit the model with RE. How do these estimates compare? Does a houseman test accept RE as the more appropriate.
Discuss how you would address the shortage of qualified workers and what strategies you would use to attract and retain skilled workers
Describe the inflation trend based on inflation rate. Define inflation and describe the typical causes of inflation. Research and identify the cause(s) of inflation in the chosen economy. Research and explain Government's measures to achieve stable p..
Refer to Figure 14-3. How will Rainbow Writer respond to Odeon's two possible offers?
Wal-Mart is well know to be a leader in Supply Chain Management. This week's writing assignment is related to Wal-Mart. Search the internet, the library.
two consumers justin and cindy of the same product have the following demand curves q1 500 - 10 p and q2 500 - 20 p.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd