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Question1: A potential entrepreneur is trying to make a decision whether to open a new health spa. She presently makes $35,000 per year as an aerobics instructor and will have to give up this job if she opens the new spa. If she chooses to open spa, it will cost her $200,000 per year in rent and other operating expenses.[a] Determine her accounting costs?[b] Determine her opportunity costs?[c] How much would she need to make in revenues to earn positive accounting profits? Positive economic profit?[d] If a firm makes positive economic profit it means that the firm earns normal profit. True or false? Comment.
Question2: 4. Production function specifies the maximum output that can be produced given varying degrees of technological progress. True or false, explain.
What happens to the demand for pizza if the price of that product decreases? What happens to the supply of tomatoes if the wages of tomato pickers increase?
From this information, can you devise a general rule explaining how the Herfindahl-Hirschman index is affected when exactly two firms in the market merge? (Hint: compare a2 + b2 with (a + b) 2)
To increase marketplace share, Giuseppe would like to raise sales to 750 every week. Elucidate price should Giuseppe set.
A truck powered by a diesel engine working at a 100 percent load factor is operated at a mine. If fuel consumption for this truck is 0.3 l/kW
Most households supplements their food budget by cultivating small vegetable gardens.explain how each of the following migth influence this kind.
A team of minor league baseball is trying to predict ticket sales for the upcoming season and is considering changing ticket prices.
The Yankees have determined that there are 3-groups of purchaser for their tickets. They have determined that the price elasticity of demand for group one is -1.02,
Suppose that the income effect of the tax induced price change is negligible, the excess burden of the tax will be.
Ricardo believed that the target of economic analysis was to understand the distribution of income between three major classes: capitalists, workers, and landowners.
Read the following text and answer the questions below: Discuss the limitations of this model as an explanation of the effects of government expenditure on GDP.
The business world become more competitive. If we are to compete with firms in Singapore, Indonesia, and Malaysia, we must keep our costs down. Labor accounts for 75 percent of expenses.
Engineers at the national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of unleaded gasoline.
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