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1. Why can the distinction between fixed costs and variable costs be made in the short run? Classify the following as fixed or variable costs: advertising expenditures, fuel, interest on company-issued bonds, shipping charges, payments for raw materials, real estate taxes, executive salaries, insurance premiums, wage payments, depreciation and obsolescence charges, sales taxes, and rental payments on leased office machinery. "There are no fixed costs in the long run; all costs are variable." Explain.
2. Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures?
q.consider once again the microchip market. demand for microprocessors is given by p 35 - 5q. where q is the quantity
The United States purchased Alaska in 1867 for $7,200,000. Assume that federal tax revenue from the state of Alaska (net federal expenditures) is $56,500,000 in 2018 and that tax revenue started in 1868 and has steadily increased by 3% annually since..
Probabilities of A and B performing successfully for 1,500 times are .96 and .92, respectively, and are independent. What is probability that product will operate properly 1,500 or more times.
Consider a closed economy which can be characterized by the following equations: C = 400 + 0.8YD I = 600 + 0.1y- 1000r G = 300 T = 125 (M/P)d = 0.2Y-6000r (M/P)= 400 a. Solve for the goods market equilibrium and state the equation for the AD and IScu..
Early-childhood environmental factors are said to be important determinants of school performance. What are some of these factors, how important do you think they are, and what might be done to ensure that these factors are not negative?
In a town of 120,000 potential "football fans," the football team draws the following attendees per game, at the various prices shown: If the team can charge ANY prices it wants (including different prices to men and women), what price(s) should it c..
Do you think that a manager's job is universal? In other words, is the concept of management the same in any organization (withstanding the obvious differences in responsibilities and duties)? If possible give examples that support your point from an..
Suppose the economy is producing at its potential output. Now suppose that consumers and businesses become more pessimistic about the economic outlook. As a result, in the short run
Suppose the EU now institutes a cap and trade system. Each permit is good for one ton of carbon abatement. The total cap is 120 tons. Each of the two plant types receives an equal amount of permits. What is the market price for permits?
Is there a surplus or deficit in the government budget at the equilibrium level of income.
A monopolist faces a market demand curve given by: Q = 70 – P. This monopolist charges a single price for its output. If the monopolist can produce at constant average and marginal costs of AC = MC = 6, the monopolist’s profits are equal to what numb..
A profit maximizing monopolist hires workers in a perfectly competitive labor market. Employing the last worker increased the firm’s total weekly output from 110 units to 111 units and caused the firm’s weekly revenues to rise from $25,000 to $25,750..
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