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Scenario: Accounting and Economic Profit
Rather than put the $100,000 that his grandmother left him in a mutual fund that earns 5% each year, Tommy Wang quit his job that paid $60,000 per year and started Wang's Wicker Furniture Store. He rented a showroom for $20,000 for the year, purchased $60,000 in wicker furniture, and incurred costs of $40,000 for sales help and advertising. Instead of using the capital for his own business, he could rent it to a rival firm and earn $5,000 a year. In his first year, his revenue was $150,000.
Examine the scenario Accounting and Economic Profit. The accounting profit of Wang's Wicker Furniture Store is:
$200,000.
$60,000.
$30,000.
$0.
How relevant are the factors listed in this chapter in affecting the difficulty of maintaining a cartel?
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The U.S. government reported in July 2004 that there were 75.6 million people not in the labor force; 147.9 million in the civilian labor force also 139.7 million employed. Based on these numbers, Illustrate what was the unemployment rate?
explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve
firm sells its product in a perfectly competitive market where other firms charge a price of 80 per unit. the firms
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Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
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Let Y1,...,Yn be i.i.d. draws from a distribution with mean μ. A test of H0: μ = 5 versus H1: μ ≠ 5 using the usual t-statistic yields a p-value of 0.03.
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