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Suppose an assistant professor of economics is earning a salary of $75,000 per year. One day he quits his job, sells $100,000 worth of bonds that had been earning 5 percent per year, and uses the funds to open a book store. At the end of the year, he shows an accounting profit of $90,000 on his income tax return. What is his economic profit?
Cougar Telemarketing is considering establishing a call center. The initial cost will be $2,750,000 with a $27,500 market value any time within a 13-year period. The fixed cost of the center will be $833,400 per year with an average variable cost of ..
Say half of the cost of producing wheat is rental cost of land (a fixed cost) and half is cost of labor and machines (a variable cost). If the average total cost of producing wheat is $8 and price of wheat is $6, what would advise the farmer to do..
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An end-of-aisle price promotions changes the price elasticity of a good from -2 to -3. If the normal price is $10, what should the promotional price be? Use (P - MC)/P = 1/?e? to calculate MC and then use the same equation to find out the new price.
Using the marginal approach to maximise profits, find the price that monopolist would charge to maximise its profit. What is the level of profit maximising output?
the maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product
Why do you think investment spending is the most sensitive component of AD? Briefly discuss. 3. Why do you think an average American spends more than an average European? Briefly discuss. 4. (Changes in Aggregate Supply) What are supply shocks? Disti..
Does the quantity of trash increase or decrease the willingness to pay for an additional trip?
What is the likely effect of the change in consumer confidence on the economy? Explain this using the multiplier concept of fiscal policy (Macroeconomics)
suppose there are nine sellers and nine buyers each willing to buy or sell one unit of a good with values 10 9 8 7 6 5
Howard Bowen is a large-scale cotton farmer. The land and machinery he owns has a current market value of $4 million. Bowen owes his local bank $3 million. Last year Bowen sold $5 million worth of cotton. His variable operating costs were $4.5..
Suppose the Clean springs water company has a monopoly on bottled water sales in California. If the price of tap water increases, what is the change in Clean springs' profit maximizing levels of output, price, and profit
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