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Musashi lives in Chicago and runs a business that sells boats. In an average year, he receives $842,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Musashi does not operate this boat business, he can work as an accountant and receive an annual salary of $48,000 with no additional monetary costs. No other costs are incurred in running this boat business. Complete the following table by determining Musashi's accounting and economic profit of his boat business. Profit (Dollars) Accounting Profit Economic Profit If Musashi's goal is to maximize his economic profit, he should/ should not stay in the boat business because the economic profit he would earn as an accountant would be $________?
What is the explanation that has stood the test of time and analysis as the major cause of the Great Depression? a. The collapse of the U.S. banking system and contraction of the money supply was the major cause of the Great Depression. b. The stock..
When it is observed that as the price of Mercedes-Benz cars rises, the quantity demanded also rises, what might one likely explanation be? What accounts for specialization?
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
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Suppose that you can sell as much of a product as you want at $100 per unit. Your marginal cost is MC = 2Q. Your fixed cost is $50. What is the optimal level of output? What is the optimal output , if the fixed cost is $60?
how much interest is payable each year on a loan of $2000 if the interest rate is 10% per year when half of the loan principal will be repaid as a lump sum at the ed of four years and the other half will be repaid in one lump-sum amount at the end..
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