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Q. Rafidah was earning $100,000 a year working as a scientist for a drug company. She decided to start her own business that conducted drug trials. She estimates this entrepreneurial talent or forgone entrepreneurial income to be $10,000 a year. She used $500,000 in savings that earned 5 percent interest annually to finance the new business. In the first year, the firm earned revenue of $1,500,000. The costs for rent, supplies, and employees' salaries were $1,100,000. What was the accounting profit for the new business? What was the economic profit (or loss)? Explain your calculations for both questions.
Excise tax is levied on the buyers of a good, then after the tax buyers will pay for each unit of the good.
How many tickets to sell to maximize total welfare.
The banking system is a fractional reserve banking system with a desired reserve deposit ratio. Banking system is a fractional reserve banking system.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
Jane wants to buy a beautiful doll as a gift for her sister's birthday. What is the advantage to society to correct the externality?
The Australian government administers two programs that affect the market for cigarettes
Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
It comes to global expansion and setting up affiliates aboard, how is a service company's focus different from that of a manufacturing company
Under oligopoly if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
A concrete and building materials company is trying to bring the company funded portion of its employee retirement fund into compliance with HB-301.
What combination of T and M will you choose? Suppose that the price of day trip rises to $80. How will this change your decision making?
Analyze the impact of this floor on price, quantity demanded and supplied. Would this price floor create a surplus or deficit of this product in the market?
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