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1. Is it possible for a college professor to receive economic rent? If so, how would the amount of economic be measured? Note that economic rent in the labor market is sometimes referred to as quasi-rent in order to distinguish it from the return that is generated by the factor of production that is known as land.
2. Suppose you loan $5,000 to a friend to help him start a new restaurant business. Your friend signs a promissory note at a simple fixed interest rate of 5% per annum. This note requires repayment in one lump sum five years from the date of the loan. One year after making this loan, you notice that interest rates throughout the economy are lower than they were when you made the loan. Explain why you become richer as interest rates throughout the economy fall.
3. Assume you have a contract right to collect $1,000 in one lump sum five years from now. The simple interest rate is 6%. What is the present value of your contract right to collect this amount? Refer to the present value table in the notes.
4. Suppose you have $1,000 in hand right now. Assuming a simple interest rate of 3%, what will be the value of this money eight years from now? Hint: You can use the present value table in the notes if you divide instead of multiply.
5. Can you provide your own example of a company that receives economic profit? Provide a brief explanation.
a firm that you have done business with recently. What industry does this firm belong to? For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under? What are the names of other firms in this ..
research information on companies that have engaged in monopoly behavior, such as Microsoft, Google, or Wal-Mart, and explain how society has been affected by the monopoly behavior using that information.
Explain what happens to the primary deficit in year t if the nominal interest rate in year t increases to 17%.
The U.S. imposes a quota of 45 million units per month on this good and what will be the price U.S. consumers will pay for the good now?
What is the invisible hand principle Does it indicate that self-interset behavior within markets will result in actions that are beneficial to others What conditions are necessary for the invisible hand to work well? Why are these conditions impor..
When the price of corn dogs is $2.00, 2,500 are demanded. What is the price elasticity of demand for corn dogs.
What would be the long run price and quantity for this firm in a competitive market and in the long run how many firms are in the industry?
Suppose the real money supply increase to $2,780. Given your answers to part a, find the new combinations to graph the new LM curve, given that the real money supply now equals $2,780. Label this curve LM1.
Select a product you have purchased in the past month from a clothing or shoe store. Explain how each of the four factors contributed to the elasticity of the good.
Why does increasing productivity index effect the total product and marginal cost When the productivity index is moved from 0% to 25% Total product increases and the marginal cost decreases.
what was an example of the significant run-up in oil prices from 2005-2010. an aggregate demand shock that increased the price level and increased the rate of growth of real GDP.
Currently the foreign earnings of U.S. multinational companies are taxed only when the income is returned to the United States. Taxes are deferred if the income is reinvested abroad. The department seeks a tax rate that will maximize total tax reve..
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