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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 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?
Technological innovation and or improvement is very critical to business growth and competitiveness. Given the four main types of market structures discussed, under which market structure is technological improvement most critical?
Suppose that an economy’s production function is cob-douglass with CRS(Y=AK^α * L^1-α ) and α=.3. What fractions of income do capital and labor receive? Suppose that the capital stock decreases by 15 percent. How much does output increase or decrease..
Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines). If the firm has an extra worker and no ..
Consider a country with an economic structure consistent with the assumptions of the classical model. Suppose that businesses in this nation suddenly anticipate higher future profitability from investments they undertake today.
Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-)3. Find the price at which the firm sells the product.
Examine in depth the four methods that the Federal Reserve uses to affect money supply. In each case, what must the Federal Reserve do to increase the supply of money? Which of these methods is most important?
What about 60 airplanes and 60 buses. Illustrate what can be said about the utilization of resources when 20 airplanes and 20 buses are produced.
This declaration would perhaps receive general agreement, but it is not always clear exactly Illustrate what concludes when something is in the public interest.
I am trying to aggregate demand functions. If the two functions are Q1=150-10P and the second function is Q2=150-5P, what would the aggregate function be?
Average visit per week equal 640 when the copayment is $40 and 360 when the copayment is $60. Calculate the percentage change in visits, percentage change in price, and price elasticity of demand using 640 and $40 as the denominators for percentage c..
Illustrate what guesses survive iterated elimination of dominated strategies
When GM declared bankruptcy what happened to their shares of common stock? Could you purchase shares of GM stock when they were in bankruptcy? What was their stock value prior to declaring bankruptcy and what is their stock trading at now that they a..
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