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A and B are painters and have the exact same cost structures except that A paints in a house he owns but that he could rent out for $4,000/year, while B paints in a house that he rents from Ithaca Realty for $4,000/year. Both A and B would become photographers and earn salaries of $50,000/year if they quit painting for themselves. Assume that the painting business is a perfectly competitive industry. Which one of the following is true?
A. A earns more accounting profit and more economic profit than B does.
B. A earns the same accounting profit and more economic profit as B does.
C. A earns the same accounting profit and the same economic profit as B does.
D. A earns more accounting profit and the same economic profit as B does.
E. A earns less accounting profit and less economic profit than B does.
You were told that a certain cash flow sequence started at $3000 in year 1 and increased by $2000 each year. How many years were required for the equivalent amount worth of sequence to be $12000 at an interest rate of 10% per year?
Assuming that expectation theory is the correct theory of the term structure, Calculate the interest rates in the term structure for maturities of one to five years, and plot the resulting yield curves for the following paths of one-year interest ra..
Assume to latest discoveries in biochemistry significantly lengthen our life expectancy. Illustrate what is the impact on the educational attainment of workers
A firm encountering economies of scale over some range of output will have a falling long-run average cost curve. How can diseconomies of scale occur at firms with larger capacities?
This question is related to this question about the Machina paradox and about the expected utility model. In this question, I'd like to know a little more about various or even competing ways of specifying utility and decision making. It'd be nice if..
ESPN currently pays the NFL $1.1 billion per year for eight years for the right to exclusively televise Monday Night Football. What is the net present value of this investment if the parent Disney Company has an opportunity interest rate equal to its..
Assuming that the perpetual inventory record is kept in dollars and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?
Explain the pros and cons of using a change in the tax rate to achieve the desired increase in output. Be sure to thoroughly elucidate how the change will affect equilibrium prices, output, and unemployment.
Illustrate what effect does the income tax have on consumption and labor supply? Explain your results in terms of income and substitution effects thoroughly.
Who is most likely to be earning economic rent?
Why do cotton growers spend billions of dollars to dam rivers and transport water hundreds of miles to grow cotton in California deserts?
We have discussed why market based policy instruments are often superior to conventional command–and control instruments to solve environmental problems. But command -and-control regulations, such as a uniform standard for all polluters, sometimes wo..
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