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Gomez runs a small pottery firm. He hires one part-time worker at $12,000 per year, pays annual rent of $5,000. for his shop and spends $20,000. per year on materials. Gomez has $40,000 of his own funds invested in equipment (pottery wheels and kilns) which could earn him $4,000. per year if alternatively invested. Gomez has been offered $15,000. per year to work as a potter for a competitor. Gomez estimates his entrepreneurial talents are worth $3,000. per year. Total revenue from sales is $72,000. per year. Calculate the accounting and economic profit for Gomez’s pottery firm.
Robert and Janet are discussing unemployment and inflation in their country. On the basis of a recent newspaper report, Robert claims that a 5% reduction in unemployment will lead to a 2% rise in inflation. On the other hand, Janet insists that infla..
Elucidate what happen to the prices of oranges and marginal product of orange pickers as a result of a freeze. Can you say what happens to the demand for oranges pickers. Why or why not.
An economist estimated that the cost function of a single-product firm is: The fixed cost of producing 10 units of output. The total cost of producing 10 units of output. The average total cost of producing 10 units of output.
A country that borrows more from the rest of the world than it lends to it in a year is called a ________, and a country that lends more to the rest of the world than it borrows from it in a year is called a ________.
q. 1. one of the approaches for the southern company to comply with the clean air act is to adopt fuel-switching
An individual would suffer higher losses from an unexpectedly higher inflation rate if
Suppose that the citizens of Hungary can purchase all the oil they desire at the going international price. If the Hungarian government levies a tax on oil, who bears the burden? Illustrate your answer wit h a supply and demand diagram.
Why profits encourage entry into purely competitive industries and explain how losses encourage exit from purely competitive industries.
Consider an initial stock of 5000 tons of high grade ore. The demand function for this ore is P = 2400 – 0.2Q (Q is measured in tons/year), and the cost of extraction is constant at c = $200/ton. The discount rate is r = 0.10. Using a discount rate o..
Critically evaluate measures used by governments and central banks to manage the economies of their countries. By critical evaluation use convincing arguments for or against measures used to reduce, minimise or alleviate economic difficulties many..
It is possible for a company with positive retained earnings to be unable to pay cash dividend since they may not have the cash supply.
q.for each of the following values for the mpc determine the size of the simple spending multiplier and the total
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