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Three college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the student recreation center, which pay $6,000 per year. A fully equipped facility can be leased at a cost of $8,000 per year. Additional costs are $1,000 a year for and $.50 per person per hour for materials and supplies. Their services would be priced and $10 per hour per person.
a. What are fixed costs?
b. What are variable costs?
c. What is the marginal cost?
d. How many student-hours would it take to break even?
A person who paid $10 for an umbrella in the U.S. sees the exact same umbrella in a store in London, England for 6 British pounds. If the person could expect the real exchange rate to be 1 U.S. umbrella per 1 English umbrella, then the person could i..
What is an absolute and comparative advantage? Give an example where you have an absolute, but not a comparative advantage with someone else.
consider a homogeneous product industry with inverse market demand given by p 1100 - 2q there is currently one
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Consider the production function q=4L^.3K^.8. K is not fixed in the long run. Graph the isoquant for Q=4. Identify and label 3 points on the graph. Calculate MRTS and determine slope of the isoquant of the three points you identified. label the slope..
Does a temporary increase in government expenditure increase output in the standard new-Keynesian DSGE model? Is it possible to draw any intuitive parallels between the impact of government expenditure in these models and in the IS-LM model?
As the manager of a 60-unit hotel you know that all units are occupied when you charge $80 a day per unit. Each occupied room costs $8 for service and maintenance a day. In addition there is a fixed cost of $400 a day. You have also observed that for..
If a reform of the tax laws discourages saving by taxing interest income, according to the Loanable Funds model we would expect
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