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2. How do the ideas of accounting profit and economic profit differ? Explain why is economic profit smaller than accounting profit? Determine the three basic sources of economic profit? Classify each of the following according to those sources:a. A company's profit from developing and patenting a new medication that greatly reduces cholesterol and thus diminishes the likelihood of heart disease and stroke.b. A restaurant's profit that results from construction of a new highway past its door.c. The profit received by a firm benefiting from an unanticipated change in consumer tastes.
3. Suppose that you hear two people arguing about energy. One says that we are running out of energy. The other counters that we are running out of cheap energy. Explain which person is correct and why.
4. Recall the model of non-renewable resource extraction presented in Figure 15.7. Suppose that a technological breakthrough means that extraction costs will fall in the future (but not in the present). What will this do to future profits and, therefore to current user cost? Will current extraction increase or decrease? Compare this to a situation where future extraction costs remain unchanged but current extraction costs fall. In this situation, does current extraction increase or decrease? Does the firm's behavior make sense in both situations? That is, does its response to the changes in production costs in each case maximize the firm's stream of profits over time?
Given the data, please construct the demand estimation for soft drink consumption in the United States by a multiple-linear regression equation, and a log-linear (exponential) regression equation.
Suppose you are contemplating an investment project that has 2-phases. As currently planned, 1st phase of the project needs an investment of $100,000 today.
Linear programming is a mathematical technique used to determine the optimal solutions to certain specific problems.
Some games of strategy are cooperative. One example is deciding which side of road to drive on. It does not matter which side it is as long as everyone chooses similar side.
An unprofitable company has employed me to determine whether they should shut down there unprofitable operation or not.
Determine the official measure of the deficit
Estimate the coefficients of the demand model for the data given above. Provide an economic interpretation for each of the coefficients in the estimated demand equation you have compuated.
Economists estimated the following cost function for X Company, Compute the ATC, AVC and MTC and plot on another graph.
A company is practicing 1st degree price discriminaiton. The demand for the company's product is defined as QD = 20-2P. If the firm maximizes profits by selling 4 unites of output
Making dresses is a labor intensive process. Indeed, production function of a dressmaking company is well described through the equation Q=L-L^2/800,
At several universities and colleges, business professors receive higher salaries than professors in others fields. Why might this be the case?
The following production function are given and solve this problem using an spreadsheet approach and then do the problem using the optimization procedure
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