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Tomas quit his job at the Tri-City bank where he earned $50,000 a year to start his own businesses, a bank marketing company. He estimates his entrepreneurial talent or forgone entrepreneurial income to be $5,000 a year. He used $100,000 in savings that earned 5 percent interest annually to finance the new business. In the first year, the firm earned revenue of $250,000. The costs for rent, supplies, and an employee’s salary were $200,000. What was the accounting profit for the new business? What was the economic profit (or loss)? Explain your calculations for both questions.
Consider two hypothetical countries. In Country A, 20 percent of the labor force is unemployed for half the year and employed for the other half; the remaining 80 percent of the labor force is never unemployed. Discuss which of these countries seems ..
In the past, some people believed that the Federal Reserve routinely expanded the money supply during presidential election years in order to stimulate the economy and help the incumbent president. For this question, assume that the Fed increases inf..
What is the difference between the national debt and privately held federal debt? Why is the distenction between the two important?
Wall Street Journal costs $206, payable now, for a two-year subscription. Newspaper is published 252 days per year. What is a subscriber's cost per copy of newspaper, taking interest into account.
How does the short-run Phillips curve reflect a financial crisis as the one in 2008-2009?
A farmer is producing where MC = MR. Say that half of the cost of producing wheat is the rental cost of land (a fixed cost) and half is the cost of labor and machines (a variable cost). In the short run, the farmer should shut down because he is maki..
Two identical countries, Country A and Country B, can each be described by a Keynesian-cross model. The MPC is 0.9 in each country. Country A decides to increase spending by $2 billion, while Country B decides to cut taxes by $2 billion. Find the tax..
During recent years, Microchips Corp. has enjoyed substantial economic profits derived from patents covering a wide range of inventions and innovations for microprocessors used in high-performance desktop computers. Calculate the profit-maximizing pr..
When I explain to my friends that we can help poor people more if we just give them cash transfers, they complain that the poor people will spend the money on things that are bad for them. Assume there are two types of goods—“good-for-you” goods and ..
How does a firm’s production function help us understand the impact of capital deepening? Which types of industries experience the greatest (least) productivity growth from capital deepening?
The rate cut was made because European nations were growing very slowly or were in recession. What effect did the bank hope the action would have on the economy.
Although water is essential to life no matter where one lives, the demand for water differs across regions. In one study it was found that the price elasticity of demand for water in all regions of the United States ranged from 0.39 to 0.69. Why is ..
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