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Lorelai purchases an inn in 2004 for $200,000. Today (2016) if she wants to operate it as a bed and breakfast she would have to pay her cook $25,000/year, her assistant manager $50,000/year, and $10,000 in electric bills. Alternatively, she could could sell the inn to a large corporate hotel chain for $300,000. A second option would be to donate it to the local historical society; as a gesture of gratitude they would build a statue of her on the town square, which she would value at $25,000
a) What are the explicit costs of operating the bed and breakfast?
b) What are the accounting costs of operating the bed and breakfast?
c) What are the economic costs of operating the bed and breakfast?
In the following two panels, the demand for good X shifts due to a change in income (Panel A) and a change in the price of a related good Y (Panel B). Holding the price of good X constant at $50, calculate the following elasticitiesIn the following t..
In your own words, and using research sources other than the textbook, distinguish between economic profit and accounting profit. Please cite references
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Suppose you are a manager of a watch making firm in a competitive market. Your cost of production is given by C=200+2Q2 where Q is the level of output and C is the total cost.
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The present value of a dollar rises as
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Describe a specific tariff, an ad valorem tariff, and a compound tariff. What are the advantages and disadvantages of each?
Brazil has a population of about 200 million, with about 145 million over the age of 15. Of these, an estimated 25 percent are functionally illiterate. The typical literate individual reads only about two no academic books per year, which is less tha..
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