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Suppose you are considering starting your own consulting firm. You estimate if that if you did not start the firm, your starting salary at a job would be $40,000/yr. The revenues from this firm are expected to be $1,500,000. Some of the expenses you expect to encounter is $25,000 for an employee and operating costs (rent, supplies, utilities, etc.) of $500,000. To begin the business, you must borrow $100,000 from the bank and pays 8% interest in the loan and also uses $50,000 of your own money that was in a savings account previously earning 2% interest. Equipment (computers, etc.) will cost $20,000.
a. Determine the pre-tax accounting profit of this firm
b. Determine the pre-tax economic profit of this firm
c. Which costs are explicit and which costs are implicit?
Consider options on Microsoft stock. Suppose that there are call options with a strike price of $10 and put options with a strike price of $10, both with the expirations date of January 16th. Compute the gross profit (ie disregarding option premium) ..
If Julie prefers Diet Coke to Diet Pepsi and Diet Pepsi to regular Pepsi but is indifferent between Diet Coke and Classic Coke, what are her preferences between Classic Coke and regular Pepsi? If James purchases a Ford Mustang rather than a Ferrari, ..
For each of the following pairs, which of the two goods is likely to have the more inelastic demand, and why? demand for tangerines vs demand for fruit, demand for beef next month vs demand for beef over the next decade.
Explain how much does the customer pay. Explain how much does the government receive as tax revenue.
Assume the nation of Australia is "small" and thus unable to influence world price. Its demand and supply schedules for TV sets are shown in Table 4.13.Using graph paper, plot the demand and supply schedules on the same graph. What are the equilibriu..
From the coefficient of multiple determinations, you cannot detect the strength of the relationship between Y and any individual independent variable.
Assume your local congressman calls you for some economic advice. He wants to sponsor legislation to increase public spending on such common medical interventions as because he’s been told early detection saves money:
The topic is one currently being debated here in the united states. it involves a proposal by the president Obama to raise the federal minimum wage from $7.25 to $10.10 per hour. How many workers will lose their Jobs due to this increase?
Name three industries where the perfectly competitive model would be the most beneficial in analyzing behavior. Be sure to support your choices.
Glassworks and Clearsmooth compete in the local market for windshield repairs. The market size (total available profits) is $10 million per year. Suppose the two windshield-repair firms know they will compete for just one year. Write down the payoff ..
1. Explain why resources of the island need to support more people than just the native population. 2. Identify and explain TWO examples of scarce resources mentioned above.
A specific McDonald’s franchise owner is looking at elasticities of Big Macs. E(p)= 2 (Price), E(i)=1 (Income), E(mt)=1.5 (m=Big Mac, t= Taco). The franchise owner would like to increase the price of Big Macs by 6%. If the franchise owner currently s..
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