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Jason has long wanted to drive as an independent trucker, but the rental price for the truck Jason wanted is $6,000 per month and that was more than he could afford. For his 30th birthday, Jason’s father bought Jason the truck as a gift. Jason started driving the new truck as an independent trucker and was earning revenues of $18,000 a month with expenses of $13,000 a month (excluding any salary). He was recently bragging to a friend that he was clearing $5,000 a month from his business, which was better than the $4,000 a month he was making as a truck driver for his former employer, Global Shipping.
a. What are Jason’s explicit costs each month?
b. What are Jason’s implicit costs each month?
c. What is Jason’s economic profit each month? From a purely economic standpoint, evaluate the success of Jason’s business.
Stan Money maker has been shopping for a new car. He is interested in a certain 4-cylinder sedan that averages 28mpg. But the sales-person tried to persuade Stan that the 6-cylinder model of the same automobile only costs $2500 more and is a better v..
From the list below, select the components or inputs associated with the production function where GDP is the output. There is more than one possible answer. Capital deepening, population, physical capital, aggregate supply, aggregate demand.
Changes in the federal funds interest rate often lead to similar changes in the prime interest rate
Discuss an activity or process or product of Wal-Mart that exhibits economies or diseconomies of scale. Describe the source of the scale economy.
In response to the terrorist attacks of September 11, 2001, airline security screening increased dramatically. As a result, the travel time of airline passengers has increased substantially. Would it make economic sense to devote enough resources to ..
List and describe the firms in the Industry. Describe the product, production methods, scale of production, and sources for raw materials. What technologies are used?
Crowding out occurs when
Government increases its spending by $2 billion and raises taxes by $1billion. Illustrate what happens to equilibrium income.
Use “John Maynard Keynes – capitalism faces its challenge,” in Big Three in Economics by Skousen as your resource to answer the following questions: What was the economic context in which Keynes was writing? How did that affect his economic views?
Analyze the different stakeholders (i.e., government, three (3) affected parties) that are involved in the externality, and identify what their roles are with regard to the externality.
Explain the pros and cons of using a change in the tax rate to achieve the desired increase in output. Be sure to thoroughly elucidate how the change will affect equilibrium prices, output, and unemployment.
Suppose the economy's production function is Y = A(300N – N^2). The marginal product of labor is MPN = A(300 - 2N). Suppose that A = 10. The supply of labor is NS = 0.05w + 0.005G. If G is 26,000, what are the real wage, employment, and output?
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