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Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and materials cost $20,000 per year. Gomez has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if alternatively invested. Gomez has been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,000 per year. Total annual revenue from pottery sales is $72,000. Calculate accounting profits and economic profits for Gomez's pottery.
What happens to the indifference curves when a household's income is reduced and how does a budget constraint explain consumer choices when used in conjunction with indifference curves?
In Tobin s analysis of the speculative demand for money, people will hold both money and bonds, even if bonds are expected to earn a positive return. Is this statement true, false, or uncertain? Explain your answer.
In the last month, the price of gasoline increased by 20 percent. Your job is to determine what caused the increase in price: a change in demand or a change in supply. Ms. Info has all the numbers associated with the gasoline market.
why do points on a utility possibility curve represent efficient allocations of resources? why must the utility
Draw a graph of the market for banana. What are the equilibrium price and quantity and calculate Rie's income elasticity of demand for beef. Show your calculation.
b. Find marginal product. Find the number of labor (L) that the firm should hire to maximize marginal product. c. Find the number of labor (L) that the firm should hire to maximize total product of labor. d. Find the number of labor (L) that the firm..
in the fall of 2008 aig the largest insurance company in the world at the time was at the risk of defaulting. as a
at the time of the national football league strike in 1987 the football owners made available thefollowing data
Assume you run a pizza store and currently have two workers. If you hire a third worker, your output of pizzas per day rises from 55 to 65.
the rent market price for a 1-bedroom condominium in nyc is 3000. however the government does not allow these prices to
the meat-processing industry in hungary is perfectly competitive and there are two types of firms operating domestic
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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