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Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or foregone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 11,000 units of software at $75 for each unit. Of the $75 per unit, $55 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building.
Refer to the above information. The implicit costs of Harvey's firm in the first year were:
$50,000
$60,000
$100,000
$150,000
Suppose that GDP is $18,520, taxes are $1,927, consumption is $4,856, transfers are $95, and government spending is $2,562. What are private savings?
q.exercise 1graphically represent on the islmfx diagram the effects of the following cases use a new diagram for each
If you sell with a price that is above or below the optimum price, what happens with the consumer surplus? Does your response depend on whether it is perfect competition or perfect monopoly?
Which statement is true? The marginal cost curve is used to determine if a firm is operating at peak efficiency. A firm will always try to maximize its total revenue.
The demand curve for rutabagas is a straight line with slope 23 and the supply curve is a straight line with slope 2. Suppose that a new tax of $3 per sack of rutabagas is introduced.
Use your own words to write about apple (fruit) consumption in the United States. Please do not use Google unless you paraphrase and list resources. Describe as much as you can.
A contract for a project has a value of $5,000,000. A performance bond of 25% has been issued for the project. The contractor performs only 50% of the work. The consulting engineer has certified to the owner that 80% has been completed. The surety th..
If domestic investment in an economy is smaller tha the economy's private domestic savings
q.suppose that you are interested in comparing the costs of producing inpatient services at saving grace hospital with
Problem: Table Illustrates the supply and demand schedules for calculators in Sweden and Norway. On graph paper, draw the supply and demand schedules for each country.
Suppose a war breaks out in the Middle East, which raised the price of gasoline in the United States. How would this impact the supply and demand for gasoline in the Unites States? Please illustrate using a graph and explain in words.
Assume which, in the efficiency wage model, it becomes more difficult for the ?rm to distinguish high-ability workers from low-ability workers in the labor market.
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