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Calculating the accounting and economic costs
Suppose a company incurs the following costs: Labor - $400, Equipment - $300, Material - $100. However, it owns the building so dosen't have to pay the $800 in rent.
- What is the tolal accounting cost?
- What is the total economic cost?
- Explain why these are different in this way.
Create another diagram; once again start from an initial macroeconomic equilibrium. Explain both the SR and LR impact of a contractionary AS shock on Y. Use the appropriate diagrams and provide a brief real world example of this type of shock.
Define and describe the difference between the absolute advantage and the comparative advantage.
Suppose that because of the ongoing financial turmoil banks become more prudent: that is, other things equal, banks want to hold more excess reserves and make fewer loans.
Explain how the aggregate expenditure function shifts in response to the changes in each of the following variables:
The division of taxing also expenditure functions between various levels government.
Suppose two nations are considering specializing in either calculators or personal computers. If solely producing calculators, country A can produce 300 and country B can produce 400.
For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
Suppose Bank of Canada (BOC) purchases $100 million worth of government bonds from a chartered bank. Assume BOC imposes 5% legal reserve requirement ratio to the banking system.
Cindy gains utility from consumption and leisure. The most leisure she can consume in a week is 168 hours.
Calculate the labor rate also efficiency variances for the month. Was paying workers the actual wage rather than the standard wage an efficient strategy for Loring.
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