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Sammy Hagar is a popular recording artist and is perhaps most well known for being the former lead singer of the rock band Van Halen. In a recent interview Hagar was asked whether he planned on making new music. Hagar said he refused to do so because of the high cost, saying it would cost about half a million dollars.
After learning about this interview, a commentator wrote:
“Half a million is crazy talk. Are you really going to tell me that Sammy Hagar and his other band mates don't own a recording studio between them? The recording cost would be the cost of a producer, some flights, and some accommodations for a couple of weeks. That doesn't even come close to equaling half a million dollars. Love Sam, but he needs to stop the nonsense and be honest.”
Is the commentator right? Comment from an economic perspective.
Consider an airport that produces noise that decays as the distance d, in miles, from the airport increases: N(d) = 1/d2 . Fritz works at the airport. Fritz’s damage from noise is $1 per unit of noise and is associated with where Fritz lives. Suppos..
Whay Tara is leaving her current job, which pays € 56,000 per year, to start a new company that manufactures a line of special pens for personal digital assistants.
Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $27,908?
In order to boost funding for the state of Florida or Mississippi, depending on where you are, each state has decided to start a daily drawing where people can purchase a ticket for $1 with a 3-digit number from 000-999. If the number on the ticket m..
If an industry has no barriers to entry, no product promotion strategy, a standardized product type, and a very large number of firms operating within it, the industry can be said to have.
The United Nation's Department of Economic and Social Affairs, Population Division, tracks the total number of foreign-born people by nation.
If the interest rate is 5%, what is the present discounted value of receiving $100 in two years? If the present discounted value of $100 received 3 years from now is $81.63, what is the interest rate?
Macintyre in his account of Aristotelian virtue, states that integrity is the one trait of character that encompasses all the others. How does integrity relate to as Macintyre said, the wholeness of a human life?David Starr Jordan (1851 1931) an edu..
Two persons, Abigail and Noah, each allocate their time between market work and housework. Abigail earns $12 per hour in the labor market, and can produce $18 worth of goods and services per hour at home. Draw their separate production possibilities ..
How would the following changes in price affect total revenue? That is, would total revenue increase, decline, or remain unchanged?
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
Three main facts indicate that Microsoft enjoys monopoly power. First, Microsoft's share of the market for Intel-compatible PC operating system is extremely large and stable. Second, Microsoft's dominant market share is protected by high barrier to e..
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