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The desire to maximize profits can work against racial and other types of discrimination. To see this, consider two equally productive accountants named Ted and Jared. Ted is black, and Jared is white. Both can complete 10 audits per month. a. Suppose that for any accounting firm that hires either Ted or Jared, all the other costs of performing an audit (besides paying either Ted or Jared) come to $1,200 per audit. If the going rate that must be paid to hire an accountant is $8,000 per month, how much will it cost an accounting firm to produce one audit if it hires either Ted or Jared to do the work?$. b. If the market price that accounting firms charge their clients for an audit is $2,300, what would the accounting profit per audit be for a firm that hired either Ted or Jared?$ per audit. What is the profit rate as a percentage? Instructions: Round your answer to 1 decimal place. percent. c. Suppose that firm A dislikes hiring black accountants, while firm B is happy to hire them. So Ted ends up working at firm B rather than firm A. If Ted works 11 months per year, how many audits will he complete for firm B each year? audits? How much in accounting profits will firm B earn each year from those audits? $. d. Because firm A passed on hiring Ted because he was black, firm A is forgoing the profits it could have earned if it had hired Ted. If the firm is willing to forgo up to $16,000 per year in profit to avoid hiring blacks, by how many dollars will firm A regret its decision not to hire Ted?
Medfin Accounting Company (MAC) specializes in providing accounting and tax services for medical establishment and professionals. Presently, the company's production method is highly labor-intensive because many of the book keeping tasks is done manu..
Why does the short run Aggregate Supply Curve slope upward? Why does the long run Aggregate Supply Curve a vertical line at potential GDP? Why is there a difference between the long run and the short run when looking at the Aggregate Supply curve?
A woman made 10 annual end-of-year purchases of $1500 worth of common stocks. The stock paid no dividends. Them after holding the stock for 5 years, she sold all the stock for $38,000. What interest rate did her investment earn?
Would the DWL of a tax be larger if the tax (assuming the same size of tax per unit of product) were levied on groceries or meals at fancy restaurants? ? In order to minimize the DWL of a tax, should the government levy tax on groceries or meals at f..
The world’s poorest countries are at a competitive disadvantage in every sector of their economies. They have little to export. They have no capital; their land is of poor quality; they often have too many people given available work opportunities; a..
Can you identify the consequences of a strong dollar or a weak dollar in the United States? Which direction do you prefer for the overall health of the American economy? Should the U.S. take measure to ensure that the dollar retains its dominant role..
OJ Simpson used to be a much more popular actor than he is today. We would expect in the market for OJ Simpson autographs (today)... equilibrium price to go up and equilibrium quanity to go down? equilibrium price to go down and equilibrium quantity ..
For the last several years, the money supply in the fictitious nation of Mauritania has been rising by 10% annually, and inflation has been running at 8%. The central bank is going to cut growth of the money supply back to 3% annually. Which of the f..
Illustrate what major legislative actions has congress taken As 1993 to reduce size of Federal deficit. Why process is politically painful to Congress.
Explain what are the implications of this for the relative stability or instability of the prices of pork and lamb compared with other foodstuffs.
Provide brief definitions of each of the following terms and expressions-Crowding out, Endogenous variable, Marginal revenue product of labour, Real exchange rate.
The Consumer Product Safety Commission is reconsidering a rule it first proposed in 1997 that would require child-restraint caps on household products, including cosmetics. What process must the CPSC follow to promulgate the rules? What do you think ..
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