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Entrepreneurs in the shoeshine stand earn $20,000 a year.
Joe pays the rent of $2,500 a year, and his total revenue is $21,000 a year.
He borrowed $1,200 at 10 percent a year to buy equipment.
At the end of one year, Joe was offered $1,100 for his business and all its equipment.
What is the explicit cost?
What is the implicit cost?
What is Joe economic profit in the first year?
A company estimated market demand and supply in perfectly competitive industry with. What is the profit maximizing output for the firm? What is the price forecast for the next year?
You are working for a company that is considering purchasing a new piece of equipment that will reduce operating costs by $4,000 annually. If the purchase price is $50,000, and it has a 25 year life with a salvage value of $5,000, what is the present..
If tariffs, quotas, and subsideis each cause net welware losses, why are they so common, especially in agriculture among industrialized countries such as the United States and the European Union?
Economists prepare economic analysis briefs to provide insight into how economic market forces operate. For this assignment, prepare an economic analysis brief that describes the role of economics in the health and medical care industry in the United..
Dranove and Wehner (1994) argue that the statistical evidence used to support the supplier induced demand hypothesis is invalid because they find that the same statistical techniques also suggest that obstetricians induce demand. Briefly explain the ..
Why do people routinely stuff themselves at all you can eat buffets Explain in terms of both utility also demand theories.
Imagine the following goal of Lenin/Stalin at the beginning of the Soviet regime in Russia: to overtake (i.e. equal) and surpass the world’s industrialized economies in terms of GDP per capita. At what average annual rate will income per capita in th..
Suppose a consumer maximizes the utility function U=ln(xy) subject to the budget constraint 4x + 2y = 12. Find the consumption bundle (x*,y*) that maximizes utility for the consumer.
The value of informal long-term care provided by family members and friends is estimated at over $450 billion annually, more than double the national expenditures for skilled nursing and home care combined. Would you support government assistance for..
Given ceteris paribus, if the demand for golden teapots increases in a market relative to the supply of golden teapots, a group of microeconomists who conclude that:
Time for a lump sum to double If you deposit money today in an account that pays 5.5% annual interest, how long will it take to double your money?
When you retire, you will combine your money into an account with a 9 percent return. How much can you withdraw each month from your account assuming a 25-year withdrawal period.
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