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Jaynet spends $25,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm – one offer was for $105,000 per year, and the other was for $85,000. However, she turned both jobs down to continue a painting career. If Jaynet sells 30 paintings per year at a price of $9,000 each:
a. What are her accounting profits?
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b. What are her economic profits?
What are the three reasons that a market might have a monopoly? Give an example of each. Is creating a government-created monopoly necessarily bad public policy? Explain.
Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100. Discuss how this scenario relates to..
q1. what is the equilibrium income the marginal propensity to import and the trade deficitsurplus if consumption is
Recessions seem to show up every so often and create economic hardship. One might think that macroeconomic policymakers could tame the business cycle and implement policies that would end recessions.
Compute the opportunity costs for producing a single Twinkie and a single cupcake for Jasper and for Jasmine. Does either have an absolute advantage in the production of Twinkies.
Suppose you are the owner-operator of a gas station in a small town. Over the past 20 years, you and your rival have successfully kept prices at a very high level.
Compare the column for marginal product also the column for marginal cost. Illustrate what pattern do you see.
The manager of a corporate division faces the possibility of an audit every yr. She prefers to spend time preparing if she will be audited
If se economists ignore possibility of crowding out, illustrate what would they approximate marginal propensity to consume (MPC) to be
Gatekeeper models of MCOs require patients to see a primary care doctor before going to see a specialist. What two key economic principles would be involved in a successful gatekeeper program?
Using appropriate diagrams and notations,carefully explain the relationship b/n elasticity, total revenue and marginal revenue. 2,discuss the uses of elasticity of demand.
Briefly discuss what measuring inequality involves, and provide two examples for doing so. measuring income inequality means dividing up the population into various groups and then comparing the groups.
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