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1. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?
2. Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures? Explain.
3. Which of the following are short-run and which are long-run adjustments?
a. Wendy's builds a new restaurant.
b. Harley-Davidson Corporation hires 200 more production workers.
c. A farmer increases the amount of fertilizer used on his corn crop.
d. An Alcoa aluminum plant adds a third shift of workers.
Is the market for coffee perfectly competitive and does the coffee market meet all six conditions of a perfectly competitive market?
Explain how a firm values the contribution of workers to its profitability. Would a profit-maximizing competitive firm ever stop increasing employment as long as marginal product is rising?
What differentiates the company's products from its competitor's in terms of utility? What differentiates the company's products from its competitor's in terms of packaging, size, and availability?
Take a small company to be established and construct a cost revenue analysis to see how feasible the project could be? Divide your cost of production into fixed and variable cost. Calculate the price that you think will make the business break eve..
If the economy is in equilibrium and suddenly the level of planned investment increases by $2 billion, national income will increase by, In the Keynesian income-expenditure graph, total savings at each level of national income is indicated by
The expected returns earned from investment in the stock of two companies, Company A and Company B, are shown in the following table. Use the table to complete parts (a) through (e) below.
If not, what government expenditures should be excluded from GDP? Are income taxes collected by the government from consumers included in GDP and, if so, how?
What type of market structure is the auto industry? Has consumer surplus been affected in any way due to the changes in the auto industry structure, and if so, how?
The table lists the maximum feasible hourly rates of the production of pastries if no sandwiches are produced and the maximum feasible hourly rates of the production of sandwiches if no pastries are produced.
At present international management at PM corporation consists of one person. Determine what specific management principles and practices should PM firm start to put in place
Relatively little pollution is emitted initially in the production process, but as the factory is used more intensively, pollution per unit of output increases and Explain how the introduction of this policy will affect the production decision of f..
Assume that the unemployment profits provided through the private sector are raised permanently,
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