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Gomez runs a small pottery firm. He hires one helper at $10,000 per year, pays annual rent of $4,000 for his shop, and spends $16,000 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 $18,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $2,000 per year. Total annual revenue from pottery sales is $65,000.
a. Calculate the accounting profit for Comets pottery firm.
b. Now calculate Comets economic profit.
jordan is a college student who receives a stipend of 1000 a month. he uses the stipend to pay rent for housing and to
Holding all else equal, a gradual decrease in federally-mandated auto safety requirements leads to an increase in
These two questions are about population proportions.
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In the 1992 presidential elections, Ross Perot was speaking of NAFTA, which both of the other candidates (George H.W. Bush and Bill Clinton) supported. He made the statement about NAFTA ‘that giant sucking sound you hear will be your jobs being se..
explain how the circular flow diagram relates to the current economic situation. using the circular flow diagram
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How do the economies of the countries you selected compare to the U.S. - Is either of the selected countries still in an agrarian phase of economic development? An industrial phase? Explain.
1. for each of the following utility functions draw the three indierence curves that correspond to the three stated
What is your intended major? Discuss how your interest in the subject developed and describe any experience you have had in the field - such as volunteer work.
These multiple choice questions related to Economics. The first question is about statement about a week being the long run and the second question is about marginal product being equal to average product.
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