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You have opened your own word processing service. You have already bought a special computer needed for word processing and paid $5,000 for it. However, due to the cost changes in the computer industry, the current price of an equivalent machine is $2,500. You could sell any used machine for 200 dollars – and no machine can be used for more than one year. If you were not word processing, you could earn $20,000 per year at an alternative job. Assume that the interest rate is 10%. You can also hire an assistant who can do everything that you would do for $20,000 per year, and you would still continue to do word processing. One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. Calculate the following three options: You are considering three options: (1) leave your business the way it is, (2) expand your business by hiring an assistant, or (3) shut down all operations. Based on the costs and revenues above, which should you do? Explain and show any relevant calculations.
Traditionally, two% of the citizens of US live in a foreign nation because they are disenchanted with United States politices or social attitudes. In order to test if this prportion has raised since the September 11, 2001, terror attacks, United Stat..
The company selling the good x starts an advertisement campagin that has the following effect on the consumer he makes decisions as if maximizing a decision utility function.
Employ the information in the above table to compute th average product (AP) and marginal product (MP). At the production level of 200,000 chips, is the company's average variable cost decreasing, at a minimum or increasing?
Write the equation for Total Costs and what is TC when profit is maximized - what is Total Revenue when profit is maximized?
Understanding of the elasticity of demand to dispute this claim, assuming that cigarettes have a very inelastic demand. Illustrate with a graph.
Sketch a production possibilities curve (not a straight line), with consumer goods on the horizontal axis and capital goods on the vertical axis.
What will you put on sale in your district during the Valentine's Day week? You must provide your reasons and
If the equilibrium real wage remains constant, what happens to the nominal wage when the actual inflation rate exceeds the expected inflation rate?"In the steady state, the government benefits from inflation."
Why does a business need to understand elasticity of demand and calculate the elasticity of demand between prices $6 to $8
Suppose that the money market is initially in equilibrium for an economy. Describe with the aid of a diagram how market adjusts to an increase in money supply, an increase in real GDP
Suppose a firm is operating in perfectly competitive product market where the price of its output can be sold at the price p=$10. The firm can hire any number of workers at the wage of W=$50.
A New Hampshire resort offers year-round activities: in winter, skiing and other activities to be cold; and in summer, golf, tennis and hiking. The costs of running resort are essentially the same in winter and summer.
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