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Gomez runs a small pottery firm. He hires one helper at $11,500 per year, pays annual rent of $7,000 for his shop, and spends $22,500 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 $6,500 per year if alternatively invested. He has been offered $22,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $4,500 per year. Total annual revenue from pottery sales is $80,000. Calculate the accounting profit and the economic profit for Gomez's pottery firm.
the operation and maintatenance expenses 450 per year additionally , the hourly fuel expense for running the turbine is 7.5 dollar per hour and the turbine expected to operate 3000 hours eaach year . the cost of dismantling and disposing the turbi..
A major advantage of production function is that it can be easily transformed into a linear function, and thus can be analyzed with the linear regression method.
You are hired as a consultant to advise the Galactic Empire on this matter. Explain in words why such a price ceiling might be a good idea (i.e. could such a price ceiling be welfare-improving Consult page 372, on natural monopoly).
Consider how unemployment would affect the Solow growth model. Suppose that output is produced according to the production function Y = K^a(1-U)L^1-a , where K is capital, L is the labor force, and u is the natural rate of unemployment.
The design of a system is to be pursued from one of the available alternatives. Each alternative has a life cycle cost associated with an expected future. The costs for the corresponding futures are given in the following table (in millions of dol..
Q1 kilowatts are produced at facility 1, and Q2 kilowatts are produced at facility 2 (so Q = Q1 + Q2). The costs of producing electricity at each facility are given by C1(Q1) = 8,000 + 6Q12and C2(Q2) = 6,000 + 3Q22, respectively. Determine the pro..
A spike in the unemployment rate - the biggest in more than two decades - raised new concerns Friday that a weak labor outlook, high oil prices and continuing woes in the housing and credit markets are leading the U.S. economy into a painful reces..
Assume the following values for Figures 5.4a and 5.4b. Q1=20 bags. Q2=15 bags. Q3=27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price g is $31 ..
A needed service can be bought for $550 per unit. The same service can be provided by equipment that costs $225,000, has a salvage value of $75,000 at the end of 10 years and costs $21,500 annually plus $35 per unit to operate.
A company is considering purchasing a fleet of delivery vans which are available with either a diesel or gasoline fueled motor. The gasoline powered van has an initial price of $29,750, the diesel powered one costs $32,250. Both vehicles have a sa..
The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don't differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by:Qd = 998 - 5Pw + 4 Y - 6Pg
What are the highest and lowest payments from the writer that the beekeeper-farmer team will accept for the sixth day Assuming that the farmer can dispose of the $7 from the writer as she wishes, what range of payments will the beekeeper accept
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