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After graduation you face a choice. One option is to work for a highly regarded consulting firm and earn a starting salary (benefits included) of $55,000. The other option is to use $12,000 you have in savings to start your own consulting firm. Assume you are earning an annual return of 5 percent on your savings. You choose to start your own consulting firm. At the end of the first year, you add up all of your expenses and revenues. Your expenses include $18,000 in rent, $1,000 in office supplies, $50,000 for office staff, $20,000 for your own salary, and $4,000 in telephone expenses. Revenues totalled $147,600. Based on the information provided, what were your total explicit costs? Your implicit costs? What was your accounting and economic profit this first year? Show your work!
What occurs in the labor market when the prevailing wage (price) exceeds the equilibrium wage (price)?
How might you construct a measure of the change in the price level. Illustrate what additional information might you need to construct your measure.
neither person may trade away any water to the other for exchange for more bread. Set up an Edgeworth Box to depict this situation and elucidate why it is unlikely to be Pareto efficient.
Identify three economic variables that create differences in market interest rates on assets and/or liabilities. (b) For most companies, are business loan interest rates lower than the interest rates on personal loans for most U.S. households
Provide an example to discuss how special interests can succeed in perpetuating policies that are opposed by the majority of voters because the costs of organizing and motivating groups to take political action increase with group's size.
Based on some economists' definition of the relevant market, the two firms proposing to merge enjoyed a combined market share of about two-thirds, while another firm essentially controlled the remaining share of the market.
A major producer of consumer goods set out to forecast the price of fresh salmon three years ahead. Such a forecast was needed in deciding whether the firm should enter the business of supplying salmon. The firm's analysts estimated the quantity of f..
Select the best description of zero-day vulnerabilities. Support your choice by describing why your choice is the best description.
Economic consequences and positive accounting theory try to explain why managers care about accounting policy choices and to predict how managers will respond to changes in accounting standards. Explain the relation between economic consequences and ..
Provide all these factors that affect supply, is the long-run supply for apples likely to become more elastic or more inelastic than the short-run supply.
The settlement requires KopyKat to pay the employee $10,000 per month for the next year. Determine the optimal price and output for the firm under these new conditions.
A positive demand shock in the very short run would cause _____________ in prices; in the long run, it will cause _____________ in prices.
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