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Joe Creel owned a NASCAR collectibles business named Joe’s Racing Collectibles. In 1994, Creel brought Arnold Lilly and Roy Artier into the business, which they reformed as a partnership named Joe’s Racing. Creel contributed as capital to the partnership inventory and supplies of the old business, valued at $15,000. Lilly and Artier each contributed $6,666 in cash to the partnership, and each paid $3,333 to Creel for his rights in the existing business. The partners agreed to share profits and losses with 52 percent going to Creel and 24 percent each to Lilly and Artier. Less than a year later, Creel died and his wife sought to receive the value of his interest in the partnership. An accountant valued the partnership at $44,589.44. The partnership’s creditors were the accountant for $875, Mrs. Creel $495, Lilly $2,187, and Artier $900. What was the value of the Creel’s partnership interest?
Using the calculations from part a, and the methods described in class, calculate a 99% confidence interval for the population mean forecast, where the population 3 would consist of all economists.
Transparency International, an antibribery advocacy group, issues an annual ranking of countries based on how widespread corruption is around the world. Fast growing countries such as China and India rank highly in terms of being corrupt. Using the v..
Which of the following would result in a short-run increase in the wage rate in a com- petitive labor market?
How does the government decide on the amount of pollution to allow? What are the potential costs and benefits associated with the regulation of pollution? What are the potential problems associated with employing outright regulation to deal with poll..
Introduce and explain the concept of social welfare - define and describe the laws of demand and supply
Builders of a hybrid car declared it would build a car that would get 180 miles per gallon of unleaded gas. They figured it would cost $40,000 each car to build.
Suppose an economy described by the Solow model is in steady state with population growth n of 1.8 percent per year and technological progress g of 1.8 percent per year. If you used the growth accounting equation to divide output growth into three so..
Draw a production possibilities curve between health and all other goods. Insert a point in the drawing that illustrates an economy with an inefficient health system. Insert two additional points that illustrate two efficient economies, but two that ..
Economic growth, as measured by increases in real GDP per capita, is a goal for most countries. This is often interpreted as an increase in economic welfare for citizens. How would you evaluate this assertion? If there are reasons to dispute it, why ..
Why does nearly every purchase you make provide you with consumer surplus - compared to the short-run supply of rental housing, long-run supply.
Suppose there are two types of workers, "stars" and "Everyone else" and both of them would like jobs at investment banks like SG Cowen. Productivity equals 100,000 for the stars, and 50,000 for everyone else. 80 percent of workers in the population a..
Jones Auto Sales calculates its “4%” ?nancing as follows. If $3600 is borrowed to be repaid over a 3-year period, the interest charge is ($3600)(0.04)(3 years) = $432. What effective annual interest rate is being charged?
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