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Steve was a Sydney architect who sold his business, even though it made him anaverage of $200000 per year of accounting profit. He then bought a bed-andbreakfastplace in the country, which gives him an accounting profit of $40000per year. ‘I was making big accounting profits in Sydney but my economicprofits were very low,' Steve explains. ‘Now I'm living in the country myaccounting profits are much lower, but I'm enjoying relatively high economicprofits.' Explain what Steve means. Why might his economic profits fromrunning a bed-and-breakfast be higher than those of working as an architect?
Therefore each flight has the potential to carry 80 additional pounds of mail. You have been retained by Express to provide them with the lowest price per pound they could charge for each of the 80 pounds of unused capacity without reducing their ..
Suppose that David has $1000. In the beginning of a year he decided to put his money in a saving account with 5% interest rate per year. The CPI was 150 in the beginning of that year. He expected that the CPI would be 153 in the beginning of the n..
Linda loves buying shoes and going out to dance. Her utility function for pairs of shoes, S, and the number of times she goes dancing per month, T, is U(S,T)=5ST. It costs Linda $50 to buy a new pair of shoes, and $25 to spend an evening dancing.
If you install the system, your insurance carrier will reduce your annual premium each year for the 10 year useful life of the system. Your insurance premium is due at the beginning of the year and you expect to save $350 the first year.
1. in the x11 multiplicative decomposition method yt x c x s x e an ma 3 smoother is applied to the estimated
After spending 10 years and $1.5 billion, you have finally gotten the Food and Drug Administrationís approval to sell your patended wonder drug which reduces he aches and pains associated with aging.
Suppose the LRAS is positioned at a real GDP of $12 trillion in base year dollars, and the long run equilibrium price level (in index number form) is 115. The corresponding full employment level of nominal GDP must be how much trillion dollars.
what is the amount of 10 equal annual deposits that can provide five annual withdrawals when a first withdrawal of 3000
The MSU firm has the production function: q = f(L,K) = 4 L^(1/2) K^(1/2) The market has many firms identical to the MSU firm. The price of capital is r = 4 and the price of labor is w = 1 A. On the graph below: Draw the isoquant for q = 24, and th..
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income) I = 500 (investment spending) G = 1,500 (government spending)
Given a numeric production schedule, the student will calculate profit and make decisions about short-run profitability to answer questions relating to their calculations.
A New Hampshire resort offers year round activities: in winter, skiing and other cold weather activities and in summer, golf, tennis, and hiking. The resort's operating charges are essentially the same winter and summer.
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