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Rob is working as manager for fax, photo development, and photocopying firm for $25,000 per year (his salary) decides to open her own business. His revenue during the first year of operations is $120,000 and his expenses are as follows: Employee Salaries Supplies Rent Utilities Interest on Bank Loan $45,000 15,000 10,000 1,000 10,000 Calculate (a) the explicit costs, (b) the implicit costs, (c) the business profit, (d) the economic profit, and (e) the normal return on investment in this business.
A large, well-established home insurance company writes insurance policies to cover losses from fire, theft, and vandalism. In a recent financial review, managers discovered that company performance was lagging behind projections. Who is making the b..
Who are the winners and who are the losers from "free trade"? Why do economists believe that a a tariff is better than an import quota? (Actually most economists do not like either!). Why is the "infant industry" protectionist argument perhaps valid ..
MOST governments say they want to encourage entrepreneurs. Yet when foreigners with ideas come knocking, they slam doors in their faces. America, surprisingly, is one of the worst offenders. It has no specific visa for foreigners who wish to create n..
Why does a smaller marginal propensity to consume (e.g., a higher savings rate) result in higher steady state consumption?
Delta and Southwest Airlines announced a new round of fare discounts. In response Sangita Woerner, Vice President of Marketing at Alaska Airlines, said, “It’s unlikely that we will match these fare reductions because we do not anticipate any negative..
Which of the following was not a cause of the U.S. budget deficits in the 1980s? Which of the following does not qualify as an automatic stabilizer? Income taxes affect aggregate demand. Which of the following constitutes a direct tax?
Discuss how changes in household disposable income, housing and stock wealth, and debt-generated movements along and shifts in the U.S. saving function. Explain these effects, assuming other things were equal.
Assume that the price elasticity of demand is −.5 for a certain firm's product. If the firm decreases price, the firm's managers can expect total revenue to: Maximizing total benefits is never equivalent to maximizing net benefits. Maximizing total b..
Which of the following statements is consistent with what happened during the Great Recession? Identify whether the following statement is more likely to come from a classical economist or a Keynesian economist. “The recent decline in consumer confid..
Use the theory of liquidity preference and the market for real money balances to illustrate graphically the impact of a decrease in income on the equilibrium interest rate. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium v..
Assume a monopoly's (inverse) demand function is as follows: P=250-10Q. The firm's total cost function is: TC=80+10Q. What is the profit maximizing output for this firm? What will be the firm's maximum profit?
Discuss the issue of health care in the context of the following microeconomic concepts: ?Marginal analysis ?Trade-offs ?Opportunity costs ?Normative versus positive economics
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