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Megan used to work at the local pizzeria for $15,000 per year but quit to start her own deli. To buy the necessary equipment, she withdrew $20,000 from her inheritance (which paid 8 percent interest). Last year she paid $25,000 for ingredients and $500 per month rent but had revenue of $50,000. She asked her dad the accountant and her mom the economist to calculate her annual porfit for her.
What is the necessary requirement to turn a business idea into a business? If you don't have customers willing to buy your new product or service at a price that gives you a profit, do you really have a business?
Which of the following would shift out (or shift down or shift right) the supply curve for fluorescent light bulbs?
The output that maximizes profit is obtained where : Perfect competition is characterized by: If price is greater than average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm will:
Critically evaluate measures used by governments and central banks to manage the economies of their countries. By critical evaluation use convincing arguments for or against measures used to reduce, minimise or alleviate economic difficulties many..
Suppose the most you would be willing to pay to have a freshly washed car before going out on a date is $8.00. The smallest amount for which you would be willing to wash someone else's car is $5.50. You are going out this evening and your car is dirt..
Elucidate the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Suppose the exchange rate between the U.S. dollar and the Mexican peso was $1 = 5 pesos. A can of Pepsi sells for $2 in Boston and 12 pesos in Mexico City.
After 1, 2, and 3 years, it will pay a dividend of $5.You expect to sell the stock after 3 years for $120. Is XYZ a good investment. Support your answer with Calculations.
The absolute value of Mars' MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
A monopolist faces a market demand curve given by: Q = 70 – P. This monopolist perfectly price discriminate among its customers. If the monopolist can produce at constant average and marginal costs of AC = MC = 6, what are the monopolist’s profits ar..
Savings Mart sells patio furniture. Sales are seasonal with higher sales in the spring and summer quarter and lower sales during the fall and winter quarters. Forecast Savings mart sales of patio furniture for each quarter of 2010
Prove that inferior goods (goods with a negative income effect) have a backward bending income consumption curve. Prove that giffen goods have a positively sloped demand curve and a backward bending price consumption curve. Comment about substitution..
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