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The desire to maximize profits can work against racial and other types of discrimination. To see this, consider two equally productive accountants named Ted and Jared. Ted is black, and Jared is white. Both can complete 10 audits per month. a. Suppose that for any accounting firm that hires either Ted or Jared, all the other costs of performing an audit (besides paying either Ted or Jared) come to $1,200 per audit. If the going rate that must be paid to hire an accountant is $8,000 per month, how much will it cost an accounting firm to produce one audit if it hires either Ted or Jared to do the work?$. b. If the market price that accounting firms charge their clients for an audit is $2,300, what would the accounting profit per audit be for a firm that hired either Ted or Jared?$ per audit. What is the profit rate as a percentage? Instructions: Round your answer to 1 decimal place. percent. c. Suppose that firm A dislikes hiring black accountants, while firm B is happy to hire them. So Ted ends up working at firm B rather than firm A. If Ted works 11 months per year, how many audits will he complete for firm B each year? audits? How much in accounting profits will firm B earn each year from those audits? $. d. Because firm A passed on hiring Ted because he was black, firm A is forgoing the profits it could have earned if it had hired Ted. If the firm is willing to forgo up to $16,000 per year in profit to avoid hiring blacks, by how many dollars will firm A regret its decision not to hire Ted?
A commercial bank has $100 million in checkable-deposit liabilities and $12 million in actual reserves. The required reserve ratio is 10 percent. How big are the bank’s excess reserves? LO33.2a.$100 million.b.$88 million.c.$12 million.d.$2 million.
A market has linear market MC (might be supply) and demand curves. No one will buy the good if the price is above $200 and the firm will not produce the good if the price is below $20. Calculate the consumer surplus and producer surplus if this is a ..
When ShorTech introduced its Quadrant mobile phone, it had few competitors and set a price of $500 when its marginal cost per unit was $350. The economics consulting firm it hired to estimate the demand elasticity confirmed this was the optimal price..
The Olde Yogurt Factory has reduced the price of its popular Mmmm Sundae form $2.25 to $1.75. As a result, the firm’s daily sales of these sundaes have increased from 1,500 per day to 1,800 per day. Compute the arc price elasticity of demand over thi..
Draw their budget set (the combination of housing and other goods that they can afford) in housing-other goods space
Suppose that the U.S. government and Congress approve a policy to target a decrease in the government deficit. Using the closed economy model, which policy would achieve this goal (choose one for your analysis)? Hint: A decrease in G or an increase i..
A firm’s short run total cost STC=4+q+q^2. It is a price taker. What is its short run average cost function SAC? Marginal cost function SMC? Draw them in one graph. How many should it produce if P=6? What is the profit? How many should it produce if ..
In 2016, a nation's population was 10 million, its real GDP was $1.21 billion, and its GDP deflator had a value of 121. By 2017, its population had increased to 12 million, its real GDP had risen to $1.5 billion, and its GDP deflator had a value of 1..
In the late nineteenth century, the German sociologist Max Weber described bereaucracies as highly ______ organizations that enabled large numbers of people to get difficult jobs done efficiently.
Draw an example of a monopoly with a linear demand curve and a constant marginal cost curve. Show the profit-maximizing price and output, p* and Q*, and identify the areas of consumer surplus, producer surplus, and deadweight loss. Also show the qua..
A company borrows $100,000 today at 12% nominal annual interest. The monthly payment of a 5-year loan is most nearly? A tractor cost $7,500. After 10 years it has a salvage value of $5000. Maintenance costs are $500 per year. If the interest rate is ..
Assume 3 firms, A,B, and C, compete for market share via quantity competition. Assume all firms have the same constant marginal costs cA = cB = cC = 1 and that market demand is given by D(p) = 101 minus p. Solve for the unique N.E.
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