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Joanne quit her job at Umass where she earned $29,000 a year. She cashed in $40,000 in corporate bonds that earned 10% interest annually to buy a stretch Hummer. Joanne has decided to buy the Hummer and set up a commuter service between Boston and Lowell. There are 1000 people who will pay $400 a year for the commuter service; $280 from each person goes for gas, maintenance, insurance, depreciation etc.
Write your answers to the following questions on the answer sheet.
A. What are Joanne's total revenues?
B. What are Joanne's explicit costs?
C. What is her accounting profit?
D. List 2 important implicit costs that Joanne has not included.
E. What is Joanne's pure economic profit (loss)?
When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?
What is the bond coupon rate on a $25,000 mortgage bond that has semiannual interest payments of $ 1250 and a 20-year maturity date?
Find the equilibrium price and quantity for this market and Draw the budget constraint between "leisure hours" on the horizontal axis and "wage income" on the vertical.
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
Describe the difference between movement along the demand curve and a shift in demand. Provide an example to help the class understand the difference between the two.
Why should this employee probably choose to tell only some of the other firms rather than all of them and what factors will determine the best number of firms to sell the secret to?
Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
WHAT IMPACT DID THE POLICY ACTIONS HAVE ON THE FED FUNDS RATE? WHAT WERE THE FED'S CONCERNS FOR ECONOMIC GROWTH, HIGH UNEMPLOYMENT, PRICE STABILITY , INTERNATIONAL BALANCE.
Carl is deciding whether or not to make a farm. If he makes a farm, he will earn a $50,000 grant from the government. For every 100 head of cattle that he increase and sells.
Suppose labor costs are 17.5 percent of revenue per vehicle for General Motors. In union negotiations during the late 1990s, GM attempted to cut its workforce to rise productivity.
Atlantis will lose its patent protection, and analysts expect economic profit to be zero after five years and which is also the maximum price investors would be willing to pay for Atlantis Company.
A country with fixed quantities of resources is able to make any of the following combinations of bread and ovens.
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