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John runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if alternatively invested. He has been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,000 per year. Total annual revenue from pottery sales is $72,000. Calculate accounting profits and economic profits for John's pottery.
Alex and Barbara will simultaneously choose to go to the beach or to go cycling without talking to one another. Alex prefers beach and Barbara prefers cycling, but they prefer to be with one another.
The following function describes the demand condition for a company that makes caps featuring names of college and professional teams in a variety of sports. Q = 2,000 - 100 P where Q is cap sales and P is price. a) How many caps could be sold at $..
Each member of the family has the opportunity to migrate to the nearest city where there are two different types of jobs. Informal jobs are available to everybody and pay $200. Formal sector jobs are more difficult to get and pay $800. The probabi..
What rate of return per month will an engineer make over 2 and a half year project period if he invested $150,000 to produce portable 12volt air compressors. His estimated monthly costs are $27,000 with income $33,000 per month.
How much is added to the firm's total revenue if the firm hires the 4th worker What is the economic term for this number If the market equilibrium wage rate is $8, how many workers will the firm choose to employ Hint: what is the marginal revenue p..
You estimate the operating expenses, including taxes, will be $45,000 for the first year and that they will increase by $3000 each year thereafter. You also estimate that razing the building and selling the lot on which stands will realize a net a..
Assume that a monopolist considering to spend 500.000 usd on large campaign to promote the their products.The demand curves are defined by p = 150 - 3q, where q is the output-quantity in 1000-usd. By executing the campaign the firm expects the new de..
Computer Products Corp. sells peripheral equipment used by both private businesses and the government. Due to a recession, Computer Product's sales have declined by 100,000 units and it now has 200,000 units of excess capacity.
1) what is equilibrium GDP 2) what is the marginal propensity to save out of disposable income 3) what is the average propensity to consume out of disposable income (at equilibrium GDP) 4) what is the value of the expenditure multiplier
Matt and Johnny both purchase pop and chips at the same convenience store. They have different tastes for pop and chips, so Matt buys 3 cans of pop and 10 bags of chips whereas Johnny buys 15 cans of pop and 2 bags of chips.
Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2. If MC is $10, what is the difference in the profit-maximizing price.
a consumer has preferences between two goods, hamburgers(H),and milkshakes(m), his perference over the two goods are represented by the utility function U= H^1/2+M^1/2, for this utility function MUH=1/(2H^1/2) and MUM=1/(2M^1/2)
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