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Rob is working as manager for fax, photo development, and photocopying firm for $25,000 per year (his salary) decides to open her own business. His revenue during the first year of operations is $120,000 and his expenses are as follows: Employee Salaries Supplies Rent Utilities Interest on Bank Loan $45,000 15,000 10,000 1,000 10,000 Calculate (a) the explicit costs, (b) the implicit costs, (c) the business profit, (d) the economic profit, and (e) the normal return on investment in this business.
Consider the following information about banking system: What is the value of excess reserves in the banking system? What is the value of deposits in the banking system? How much in government bonds should the Fed sell or buy?
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 110 - 0.25P, and the marginal cost of production is $160. Determine the optimal number of units to put i..
Suppose Michelle makes a trip to a candy store where she intends to purchase two goods: gummy worms (g) and donkeys (d). Her utility function is U = gd. Suppose the price of gummy worms is 2 and she has $200 in income. Derive an expression for her de..
A man is planning to retire in 20 years. Money can be deposited at 6% interest compounded monthly, and it is also estimated that the future general inflation rate will be 4% compounded annually. What amount of end-of month deposit must be made each m..
If the logic of classical economics was not at fault for being unable to fix economic problems of the real world, what was in Keynes' opinion? In what publication did Keynes first discuss what would become known as the multiplier? What two criticisms..
Suppose that the aggregate demand and supply schedules for a hypothetical economy are as shown below: Use these sets of data to graph the aggregate demand and aggregate supply curves. What is the equilibrium price level and the equilibrium level of r..
You have been hired by Nobody State University (NSU) as a consultant to help the university with how to increase their total revenue. so they have hired you to help them in their last attempt to find an appropriate solution so that the university can..
California once proposed legislation that would have required 10 percent of its car fleet to be nearly emissions-free by the year 2003. This mandate spurred electric vehicle research. Such vehicles could be powered by photovoltaic cells or by batteri..
In the long run, the greater burden of a specific tax will usually be absorbed by. A monopolist with multiple plants should allocate total production among plants so that. A price-discriminating monopolist should divide sales among markets so that
When a restaurant stays open for lunch service even though few customers patronize the restaurant for lunch, What are the principles is (are) best demonstrated.
Anthony is considering the purchase of used car. The price, including the title and taxes, is $9,530. Anthony is able to make a $2,530 down payment. The balance, $7,000, will be borrowed from the Credit Union at an interest rate of 9.25% compounded d..
Assume that there are 10 million workers in Canada also that each of these workers can manufacture
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