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Jim is considering quitting his job and using his savings to start a small business. He expects that his cost will consist of a lease on the building, inventory,wages for two workers, electricity ,and insurance.
a. identify which costs are explicit are which are opportunity(implicit)cost.
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
Pick a good or service. Distinguish between the short-run and the long-run production and cost function for that good or service. Discuss how price plays a role in short-run and the long-run decisions and how managers are likely to respond in each..
Suppose you are a central planner in a communist country, and it is your job to set the price of rutabagas. The first person assigned to this job set a price of 10. This resulted in 40 tons of rutabagas supplied and 75 tons of rutabagas demanded.
Provide brief but theoretically sound explanation for each of the following.
Country risk and currency risk are unique to international lending. In this context, please, discuss why country risk and currency risks are unique to international lending?
(a) Assume a competitive labor market. Draw the demand of labor curve for an individual firm. Assume that the firm faces a labor supply curve that is neither perfectly inelastic nor perfectly elastic. If the firm has the ability to command more ef..
Discuss and explain why hyperinflation has such a devastating impact on economies. Describe what it takes to stop hyperinflation.
Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 is imposed in this market.Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling..
Assume there are 2 goods in the work: apple and raspberry. Say that geoffrey has a utility function for these goods, where r= quantity of raspberry, a =quantity of apple. U = 4r + 3a what is the marginal rate of substitution between the raspberry
Illustrate what has been, also what will be, the short run and long run impact of the Federal fiscal policy which has been followed in the past few years.
Sprint acted as a well-managed business that takes the actions necessary to remain competitive in a very competitive marketplace.
Express the effects of government economic policies which could have on the sales of the Escalade
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