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An owner can lease her building for $100,000 per year for the next three years. The explicit cost of maintaining the building is $35,000, and the implicit cost is $50,000. All revenues are received, and costs are borne, at the end of each year. Assume interest rate is 4%.
A. Explain what the implicit cost refers to in this case?
B. What is her accounting profit at the end of the first year?
C. What is her economic profit at the end of the first year?
D. What is the present value of the account profits in three years?
E. What is the present value of the economic profits in three years?
Suppose that quantity demand falls by 30% as a result of a 5% increase in price. What would be the price elasticity of demand for this good?
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The rent control agency of New York City has found that market demand is QD=100-5P With quantity measured in tens of though sands of apartments and price, the monthly rental rate,
the central economic problem facing the group of survivors
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