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Three college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the student recreation center, which pay $6,000 per year. A fully equipped facility can be leased at a cost of $8,000 per year. Additional costs are $1,000 a year for and $.50 per person per hour for materials and supplies. Their services would be priced and $10 per hour per person.
a. What are fixed costs?
b. What are variable costs?
c. What is the marginal cost?
d. How many student-hours would it take to break even?
Why do you think macroeconomists focus on just a few key statistics when trying to understand the health also trajectory of an economy.
You need both equations and clearly labeled graphs (separate graphs for each question) to answer the following questions. Assume that b=1/2 and that initially the real interest rate is equal to the marginal product of capital at 3%. How much can we e..
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Suppose the US demand curve for gasoline shifts rightward, and the U.S. supply curve for gasoline remains unchanged. As a result, the price of gasoline increases by 9 percent, and the equilibrium quantity increases by 3 percent. Which of the followin..
Elucidate in detail how banks operate. Include a description of how banks generate profits.
Joe won $365,000 a year for life in the state lottery. Use the labor-leisure choice analysis to answer the following. show how Joe's lottery winnings affect the position of his budget line. Joe's utility function for goods per day (Y) and hours of le..
A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm’s total costs are C(Q) = 50 + 12Q + 2Q2. How much output should the firm produce in the short run? What price should the firm charge..
Using the Community Health Care Roles and Functions Table, examine the health care professions and departments involved in public policy, outcomes, and social marketing aspects of the health care field. Determine the following for each role or profes..
The per-unit cost of the production is mc = 10. Our conclusion is that if we have only one two-part tariff scheme (f,p), it is the best for the monopoly to set f = 800 and p = mc = 10. What’s the necessary conditions that consumer 1 wants to particip..
Roughly speaking, a merger between two firms is legal:
How do global advertising campaigns benefit the company - what are the global advertising strategies of this company? How effective are they?
In the country of Wiknam, the velocity of money is constant. Real GDP grows by 3% per year, the money stock grows by 8% per year, and the nominal interest rate is 9%. What is the growth rate of nominal GDP? the inflation rate? the real interest rate?
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