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Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the cost of mowing the second lawn is $12, and the cost of mowing the third lawn is $15. His producer surplus on the first three lawns of the day is $53. If Ronnie charges all customers the same price for lawn mowing, what is that price?
Suppose labor's share of GDP is 70 percent and capital's is 30 persent, total factor productivity is growing at an annual rate of 2 percent, the labor force is growing at a rate of 1 percent, and the capital stock is growing ata rate of 3 percent.
Between October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4 percent. How is it possible for output to increase without a proportional increase in the number of workers
Gina was in a garage band when she was in high school, and the only time they could find to practice was on Saturday morning (much to the dismay of her neighbors.) Suppose the band received $49 in internal benefit (i.e., happiness) from practicing..
In his current job, Smith can work as many hours per day as he chooses, and he will be paid $1/hr for the first 8 hours he works, $2.50/hr for each hour over 8. Faced with this payment schedule, Smith chooses to work 12 hr/day.
Sean Bell invested $10,000 on a blue chip stock five years ago and paid a commission of $90. He sold it today for $14,192.20 and paid the same commission, exactly 5 years and 4 months since the stock was bought. Determine the rate of return on thi..
A mining company plans to invest $50,000 in a project. The annual operating cost is expected to be $6,000, and the annual income is expected to be $22,000. THe salvage value will be $5,000 at the end of 5 year life.
If the growth rate of real GDP were to continue at the same rate you have calculated, how many years would it take for real GDP to double Assume the population in 2009 was 100 and 200 in 2010. Calculate real GDP per capita in each of these years.
If the price of Good A increases by 50% from its original price which indifference curve will this consumer end up on Will the consumer be buying more of Good Y, more of Good X, or more of both goods.At the point of consumer equilibrium what is the..
you have operating and maintenance costs that start at $15,000 the first year and increase by $2,000 per year thereafter. assume that the salvage value at the end of five years is $9,000 and interest rate is 12%. Determine the equivalent annual co..
First Cost: $500 Uniform Annual Benefit: $122 Salvage Value: $0 (a) Construct a choice table for interest rates from 0% to 100% (b) If the minimum attractive rate of return is 8% which alternative should be selected
An estimate of the demand function for household furniture produced the following results: F = 0.0036Y ^1.08 R^0.16 P^ 0.48 r^2=0.996 Where F = furniture expenditures per household Y = disposable personal income per household R = value of private
Consider a monopoly where the market demand is given by P = 170-2.5Q. The monopoly is facing the following costs: MC = 20, and TC = 20Q + 1,250. a) What is the marginal revenue of the monopolist What is the condition for profit maximization in mono..
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