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Brian lives in Chicago and runs a business that sells pianos. In an average year, he receives $735, 000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $435, 000; he also pays wages and utility bills totaling $255, 000. He owns his showroom; if he chooses to rent it out, he will receive $10, 000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Brian does not operate this piano business, he can work as an accountant, receive an annual salary of $24, 000 with no additional monetary costs, and rent out his showroom at the $10, 000 per year rate. No other costs are incurred in running this piano business. Identify each of Brian's costs in the following table as either an implicit cost or an explicit cost of selling pianos. The rental income Brian could receive if he chose to rent out his showroom The wholesale cost for the pianos that Brian pays the manufacturer The wages and utility bills that Brian pays The salary Brian could earn if he worked as an accountant Complete the following table by determining Brian's accounting and economic profit of his piano business. Accounting Profit Economic Profit
Discuss the salient points of global sustainability, and determine two to three (2-3) ways in which you would achieve global sustainability if you were in a position to do so. Justify your response.
Suppose an economy has overbuilt and suffers from excess capacity. A recession ensues due to firms cutting back on expenditures. Is deficient demand more easily remedied by monetary or fiscal policy? Explain.
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Imagine you are tasked with recommending an optimal mix for production and pricing of a product. How would you go about utilizing economic indicators and data to make that recommendation? Please use a specific product as an example in your initial po..
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