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Pat, a lawyer working for a large law firm and earning $62,000 per year, is contemplating setting up her own law practice. She estimates that renting an office would cost $11,000 per year; hiring a legal secretary would cost $22,000 per year; renting the required office equipment would cost $13,000 per year; and purchasing the required supplies, and paying for electricity, telephone, and so forth would cost another $5000. The lawyer estimated that her total revenues for the year would be $105,000, and she is indifferent between keeping her present occupation with the large law firm and opening her own office.
a) How much would be the explicit costs of the lawyer for running her own law office for the year?
b) How much would the accounting costs be? The implicit costs? The economic costs?
Suppose that the government places a ceiling on the price of a medical drug below the equilibrium price. Explain why there is a shortage of the medical drug at the new ceiling price.
What will happen to the marketplace for debit-card transactions and Visa's profits in the long-run. Use graphs to support your analysis and briefly explain your graphs.
Support your answer with data on the real GDP growth rate, the unemployment rate, and the CPI inflation rate. You may obtain these data from the Bureau of Economic Analysis website
Why is the purchasing of new housing included in the investment component of GDP rather than the consumption component? Also any reason why household purchases of new cars should be included in investment rather than in consumption?
Suppose that you are the owner and operator of a perfectly competitive firm with the following total cost function.
Should the overall white house proposal for 2016 budget be larger or smaller than proposed? By how much, and why? Should be budget be allocated differently among the different spending areas?
You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your “No Haggle” sales policy. Last year, your dealership earned record profits of $1.3 million. What price should you charge for a midsized automo..
Illustrate what are they, and what impacts do they have on the outcomes of Keynesian countercyclical policies.
The main difference between neorealists and classical realists is that:
Evaluate the Keynesian economists, besides John Maynard Keynes. Determine which economist you feel made the most significant contribution to economic theory. Justify your selection.
The long-term trend of a time series in the decomposition model is estimated using
q1. would you advocate monetary restraint or stimulus for todays economy? who would disagree with you?q2. why is the
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