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William, a journeyman carpenter with an associate's degree in civil engineering, had been making $35,750 per year as a carpenter for a building contractor. As a self-employed subcontractor, William incurred explicit costs of $255,000 per year.
What is William's economic cost?
His economic cost is $___per year. (round your answer to the nearest penny)
1. Water is produced and sold by the government. Demand for water is represented by the linear func-tion Q=50-2P. The total cost function for water production is also a linear function: TC(Q) = 100 + 10Q.
Which of the pairs of goods above is likely to be nearly perfect substitutes and which likely to be nearly perfect complements? Explain.
what economic arguments support government financing of personal health services to certain population groups?we all
Visit the Bureau of Economic Analysis Web site at www.bea.gov In U.S. Economic Accounts under National click on Gross Domestic Product (GDP), then Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables, click "Be..
At a price of $5 the profit-maximizing output for a perfectly competitive firm is 1,000 units per year. If the average total cost is $3 per unit, what will be the firm’s profit? If the average total cost is $6 per unit, what will be the firm’s profit..
What would happen to the equilibrium price and quantity of lattes if the cost to produce steamed milk, which is used to make lattes, increased, and scientists discovered that lattes cause heart attacks? Will both the equilibrium price and quantity wo..
The AD/AS Model with Supply-Side Economic Effects. Suppose the economy is characterized by (1) sticky wages and prices and (2) substantial supply-side economic effects. The economy initially (i.e., in Year 0) has a cyclical budget deficit.
Use Human Capital theory and describe the relationship between skill and unemployment. Naturally, economists and the public at big usually think of skill level having having an inverse relationship with unemployment.
What cultural determinants about country would be most important to you as you reach a decision about whether or not to do business in this country.
You are given the data below for 2008 for the imaginary country of Amagre, whose currency is the G. Consumption 350 billion G Transfer payments 100 billion G Investment 100 billion G Government purchases 200 billion G Exports 50 billion G Imports 15..
This problem works through the task of graphing short-run and long-run cost curves that will look different from those we have graphed in class.
Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how woul..
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