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Problem -
Gomez runs a small pottery firm. He hires one helper at $11,000 per year, pays annual rent of $6,000 for his shop and spends $22,000 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 $4,500 per year if alternatively invested. He has been offered $17,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,500 per year. Total annual revenue from pottery sales is $70,000.
a. Calculate the accounting profit for Gomez's pottery firm.
b. Now calculate Gomez's economic profit.
Suppose that the trade pattern of a country is that it exports foodstuffs and imports fancy sports equipment. Can you make a case that trade acts like a regressive tax in its impact on the distribution of real income and welfare within the countr..
Explain the law of diminishing marginal utility.
Some economists believe that Fiscal Policy can affect swings in the business cycle. Looking back to the book, it discusses the Japanese government and their government cutting taxes.
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the australian government recently announced its proposed carbon price mechanism. the operation of this scheme is
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Real GDP, the rate of inflation, and the rate of unemployment are THREE primary indicators of the state of the macroeconomy? The government influences the macroeconomy through its level of spending, taxes, and control of the money supply?
The RH Snippet company has one president and 1000 assembly line workers. Which of the following events would have a bigger impact on the price of Snippets and why?
What happened to the theory that the savings in gasoline would be spent on othec things - what did the latest government data show about spending?
Purpose: to gain an understanding of how the economy described by the AS/AD model responds to various shocks under various assumed parameter values
Create an analogy or metaphor that explains how banks create and destroy money-one that would be understood by someone with absolutely no background in economics.
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