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Charles has decided to open a lawn-mowing company. To do so, he purchases mowing equipment for $5,000, buys gasoline ($2.30 in gas is required to mow each yard), and pays a helper $10.00 per yard. Prior to opening the lawn company, Charles earned $8,000 as a lifeguard at the neighborhood swimming pool. Assume the money he used to purchase the mowing equipment could otherwise have earned 2 percent per year in the bank and that the mowing equipment depreciates at 10 percent per year. Charles plans to mow 200 yards per year. What is Charles's implicit cost of production per year?
Nicotine has been used as a psychoactive drug by the native peoples of the Americas for approximately 8,000 years. Five hundred years ago, Christopher Columbus introduced tobacco to Europeans, who discovered, once they overcame the nausea and dizzine..
What is an absolute advantage? What is a comparative advantage? Give an example where you have an absolute but not a comparative advantage
“Attempts to stimulate an economy with expansionary monetary policy will lead only to a loss of some of the country’s international reserves and to no permanent change in income under a fixed-rate system.” Agree? Disagree? Explain.
Question 1 When resources are used to secure monopoly rights through the political process: Question 2 Refer to the accompanying table, which represents the costs and production for a monopolist, to answer the questions that follow. The profit made..
In the United States, corn is often used as an ingredient in animal feed for livestock. Why does an increase in the use of corn to make ethanol, an additive that is used in gasoline, raise the price of meat? Use supply and demand curves for the corn ..
After reading about the Solow growth model, which concludes that continued economic growth requires continual innovation, and Schumpeter’s dynamic growth model, does the combination of these two models provide an adequate model of technological chang..
One major reason that GDP is an inaccurate measure of the true level of economic activity is that
List the potential costs and benefits of placing a substantial percentage of pay at risk for all employees in the following types of organizations: a hospital, a restaurant, a brokerage firm, and a fashion design house.
Suppose that an unpopular president was leaving office, and a very popular candidate was elected, and this significantly increased the public's confidence in the future of the economy. Using the aggregate demand/aggregate supply model, elucidate t..
You will explain the causes of income inequality in the U.S. and demonstrate the problems associated with measuring income inequalities. Analysis of income distribution data does not lead all economists to the same positive or normative conclusions. ..
Which of the following is not one of the primary strategy options for competing in the markets of foreign countries? Multi country or localized strategies. Forming alliances and partnerships with local companies in every country market where the comp..
Metro Limo also Urban Limo, operate nine passenger vans. These duopolists cannot compete with price, but they can compete through advertising.
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