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Steve was a Sydney architect who sold his business, even though it made him anaverage of $200000 per year of accounting profit. He then bought a bed-andbreakfastplace in the country, which gives him an accounting profit of $40000per year. ‘I was making big accounting profits in Sydney but my economicprofits were very low,' Steve explains. ‘Now I'm living in the country myaccounting profits are much lower, but I'm enjoying relatively high economicprofits.' Explain what Steve means. Why might his economic profits fromrunning a bed-and-breakfast be higher than those of working as an architect?
Gasoline costs $0.95 per liter and will increase at 6% per year. At a fuel economy of 9km/liter, what is the present worth cost of fuel for five years of driving 30,000km per year? Use 6.2% interest. What is the equivalent equal annual cost of the..
A telephone distribution company is considering building a new automated switching equipment substation with a useful life of 20 years. The company uses a 14% MARR to assess capital investment projects. Estimated real dollar costs and benefits
Assume that demand for a commodity is represented by the equation P = 10 - 0.2 Q d, and supply by the equation P = 2 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium conditi..
Would an HMO entering the Medicare market expect to experience favorable or adverse selection?
Assume that a very competitive start-up enters the market in direct competition with the oligopoly you describe initially gaining a 12% market share. Discuss the steps the oligopoly should take to address this new competition.
You spendthrift cousin want to buy a fancy watch for $425. Instead, you suggest that she buy an inexpensive watch for $25and save the difference of $400 for 40years in account earning 9% interest per year.how much will she accumulate in this accoun..
Suppose a person expects to live six periods. This person has no accumulated wealth and receives an income of $15 in each of the first 4 periods.After period 4 this person retires and receives no wage income.
Suppose the own rice elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will cha..
Stephen Zehnder, an enterprising engineer, wants to get into business. He is looking at the following two alternatives. He has compiled the cost data for both alternatives as shown in table below. If Stephen wants to have at least a rate of return..
A perfectly competitive market is in long-run equilibrium. At present there are 100 identical firms each producing 5,000 units of output. The prevailing market price is $20. Assume that each firm faces increasing marginal cost.
Blockbuster Movie Rentals has market power in the previously viewed video sales market. The demand curve for blockbuster movies is QD = 10 - 0.4P -> P = 25 - 2.5Q. Blockbusters marginal revenue function is MR(Q) = 25 - 5Q.
One of their new MBA financial wizards has estimated the following relationship for gold sales in the past year of trading (250 observations): Q = 4,000 - 0.01P + 1.5I - 1.25X + 2.0S R2 = .96 (857) (0.002) (0.65) (0.44) (0.48) where Q = daily sale..
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