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A person starts her own business after quitting her job in which she made $75,000 a year. Expenses include $100,000 for wages and salaries, $15,000 for utilities, $150,000 for materials and supplies, and $5000 for gasoline. She uses her car in her work, for which she paid $16,000 two years earlier. She could rent a similar car for $5000. Implicit costs are
a. $80,000.
b. $91,000.
c. $75,000.
d. $5,000.
Illustrate what happens to the equilibrium price and quantity in each market. Which product experiences a larger change in price.
The government purchases component of GDP does not include spending on transfer payments such as Social Security. GDP does not also include the value of used goods that are resold. Do you think such exclusion make GDP a less informative measure of ec..
Assume that the market wage rate is $150 per day. Illustrate what rule should leadbelly follow to hire the profit-maximizing amount of labor.
Shellys preferences for consumption and leisure can be expressed as U(C, L) = (C − 200)(L − 80) (1) This utility function implies that Shellys marginal utility of leisure is C − 200 and her marginal utility of consumption is L − 80. Write down the bu..
Suppose a technological advance reduces the cost of making computers. Draw a supply and demand diagram to show what happens to price, quantity, consumer surplus (CS), and producer surplus (PS) in the market for computers.
Explain how does capital help human productivity in relation to farm labor, office help, teaching, or government administration.
What should be a firms goal when managing foreign exchange and associated risks? How might the firm reach these goals?
In the late 1990s, car leasing was very popular in the United States. A customer would lease a car from the manufacturer for a set term, usually two years, and then have the option of keeping the car. Why was the manufacturer losing money on this pro..
Other things being equal, woudl this tend to increase planned expenditure in the United States by exactly, more than, or less than $50,000? Would it shift the aggregate demand curve to the right, the left or not at all? Explain in detail.
following weekly demand and short-run cost functions:VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000
The General Manager (GM) of a car dealership is working on a three year business plan. The GM expects inflation to rise over the next three years.
Suppose a fish population experiences logistic growth with growth rate r per year and environmental carrying capacity C. The population is harvested at a rate of h per year. What are the equilibrium for this model? Are they stable or unstable? What i..
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