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Lorelai purchases an inn in 2004 for $200,000. Today (2016) if she wants to operate it as a bed and breakfast she would have to pay her cook $25,000/year, her assistant manager $50,000/year, and $10,000 in electric bills. Alternatively, she could sell the inn to a large corporate hotel chain for $300,000. A second option would be to donate it to the local historical society; as a gesture of gratitude they would build a statue of her on the town square, which she would value at $25,000 (a) What are the explicit costs of operating the bed and breakfast? (b) What are the accounting costs of operating the bed and breakfast? (c) What are the economic costs of operating the bed and breakfast?
Why do you think that whenever the government wants to increase their revenue they usually decide to increase the tax on items such as gas, tobacco products and/or alcohol? Why is it unlikely that a firm would sell at a price where its demand curve h..
Suppose two firms supply the market for computer chips and their products are perfect substitutes. What is the one-period Cournot-Nash equilibrium output and price? What is the output of each firm if they collude to produce the monopoly output?
if income were hypothetically $0 aggregate expenditures would be $2,500. What is the marginal propensity to expend?
q. eisler company consigned 80 freezers costing 500 each to company. the cost of shipping the freezers amounted to840
Assume that a Pfizer has a linear demand curve for Lipitor, a constant marginal cost curve (i.e. the marginal cost is a constant), and is a monopolist in this market.
A drawback to using the high-low methods is that this method is based on:
Suppose that the market equilibrium price for a basic medical check-up is $50, in a market in which there is no health insurance. To encourage more people to get a check-up, the local government mandates that the price of a check-up cannot be more th..
For the Cobb-Douglas production function in Problem 6.7, in can be shown (using calculus) that. If the Cobb-Douglas exhibits constant returns to scale (a+b=1), show that Both marginal productivities are diminishing.
How many years would it take for an investment in year 1 with increases of 10%/yr to have a present worth f $1 million at an interest rate of 7%/yr?
Illustrate what principles should guide policy makers. Should they cut spending and raise taxes to reduce the national debt over time. Or does the level of the national debt really matter.
Which of these can be a people turnoff for customers?
A monopolist with a straight-line demand curve finds that it can sell one unit at $9 each or nine units at $1 each. Its marginal cost is constant at $2 per unit.
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