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1. Jamie is considering leaving her current job, which pays $75,000 per year, to start a new company that develops applications for smart phones. Based on market research, she can sell about 50,000 units during the first year at a price of $4 per unit. With an annual overhead costs and operating expenses amounting to $145000. Jamie expects a profit of 20 percent. This margin is 5 percent larger than of her largest competitors, Apps. Inc.
a. If Jamie decides to embark on her new venture, what will her accounting cost be during the first year of operat16ion? Her implicit costs? Her opportunity cost?
b. Suppose that Jamie's estimated selling price is lower than originally projected during the first year. How much revenue would she need in order to earn positive accounting profits? positive economic profit?
According to Colander, the perfect definition of economics. The three central coordination problems any economic system must solve.
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Let MUa=z=10-x and MUb=z=21-2y, where z is marginal utility per dollar measured in units. x is the amount spent in product A. y is the amount spent on product B. Assume that the consumer that the consumer has $10 to spend on A and B, that is x+y=10. ..
The Economist magazine uses prices of McDonald's Big Mac hamburger to calculate the PP values for currencies. The following data are taken the January 2015 Big Max Index.Bug Mac Price in Local CurrencyUS USD$4.79
List down the factors that limits the ability and freedom of the consumer to determine the fundamental resource allocation.
Explain how does the Federal Reserve accomplish these goals.
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