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Mary Graham worked as a real estate agent for Piedmont Properties for 15 years. Her annual income is approximately $100,000 per year. Mary is considering establishing her own real estate agency. She expects to generate revenues during the first year of $2 million. Salaries paid to her employees are expected to total $1.5 million. Operating expenses (i.e., rent, supplies, utility services) are expected to total $250,000. To begin the business, Mary must borrow $500,000 from her bank at an interest rate of 15 percent. Equipment will cost Mary $50,000. At the end of one year, the value of this equipment will be $30,000, even though the depreciation expense for tax purposes is only $5,000 during the first year.
a. Determine the (pre-tax) accounting profit for this venture.
b. Determine the (pre-tax) economic profit for this venture.
c. Which of the costs for this firm are explicit and which are implicit?
In the neoclassical growth model with physical and human capital investments described above, the optimal path of physical capital and consumption are given as in the one-sector neoclassical growth model and satisfy the following two differential ..
Unlike steel, concrete has large inhomogeneities such as aggregates and flaws. What will be the consequences of such inhomogeneities in the selection of the wave frequency to be used for a nondestructive test on concrete?
Suppose a competitive market consists of identical firms with a constant long-run marginal cost of $10. There are no fixed costs in the short run or long run. Suppose the demand curve is given by Q(P) = 1000-p
The Mail Monopoly Can the U.S. Postal Service be considered a monopoly in fi rst-class mail? Why or why not? What has happened to the price elasticity of demand for fi rstclass mail in recent years?
Each existing firm and every potential entrant faces an identical U-shaped average cost curve. The minimum level of average cost is $10 per ton and occurs when a firm produces 5 million tons of cobalt per year.
A Chinese official is considering construction of a gondola lift system that transports visitors from the tops of the mountain peaks to the valley at one of the National Forrest Parks in China. The lift system is expected to last for 20 years.
A surface condenser is designed as a two-tube-pass shell-andtube type heat exchanger at 10 kPa (hfg = 2007.5 kJ/kg, Ts = 45°C). Coolant water enters the tubes at 15°C and leaves at 25°C.
Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the marginal product of labor and marginal product of capital are given by: MPL=(2/3)(K/L)1/3 and MPK=(1/3)(L/K)2/3. If the firm wants to produce 32 unit..
calculate total revenue and marginal revenue at each quantity.
Could currency at least be eliminated? How? (Lest all this seem too unworldly, you should know that some people are beginning to talk of a "cashless economy" in this century.)
Idea behind giving a project is to see if students are able to apply the theoretical concepts in real business situation .
Consider the general two-commodity market model: QD1 = f0 + f1P1 + f2P2 QS1 = a0 + a1 P1 + a2P2 QD2 = f0 + f1P1 + f 2P2 QS2 = b0 + b1P1 + b2P2 where the f and a coefficients pertain to the demand (QD1) and supply (QS1) functions of the first co..
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