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Pat, a lawyer working for a large law firm and earning $62,000 per year, is contemplating setting up her own law practice. She estimates that renting an office would cost $11,000 per year; hiring a legal secretary would cost $22,000 per year; renting the required office equipment would cost $13,000 per year; and purchasing the required supplies, and paying for electricity, telephone, and so forth would cost another $5000. The lawyer estimated that her total revenues for the year would be $105,000, and she is indifferent between keeping her present occupation with the large law firm and opening her own office.
a) How much would be the explicit costs of the lawyer for running her own law office for the year?
b) How much would the accounting costs be? The implicit costs? The economic costs?
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Benny decides to buy living room furniture worth $3000. He plans to finance the furniture for two years. The furniture store tells him that the interest rate is only 1%/mo/mo and his monthly payment is computed as follows:
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Jerry receives utility from days spent traveling on vacation domestically (D) and days spent traveling in a foreign country (F) as given by the utility U(D,F)=DF. The price of a day spent traveling domestically is $160 and in a foreign country $200. ..
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20?E. What happens to the quantity of labor he demands if the wage increases to w1= $12?
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