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During a year of operation, a firm collects $175,000 in revenue and spends $80,000 on raw materials, labor expense, utilities, and rent. The owners of the firm have provided $500,000 of their own money to the firm instead of investing the money and earning a 14 percent annual rate of return.
The explicit cost of the firm are $______. The implicit costs are $______. Total economic cost is $_______.
The firm earns economic profit of $_______.
The firm’s accounting profit is $________.
If the owners could earn 20 percent annually on the money they have invested in the firm, the economic profit on the firm would be _______ (when revenue is $175,000).
What is the programmed management approach in international marketing and advertising? How are Kraft Heinz, P&G, Nestle and Starbucks are handing this?
The price of a first class stamp is .42 cents in 2009. The price of the same first class stamp in 1975 was .13 cents. The price index in 1975 was 75 and price index in 2009 will be 218. After adjusting for inflation, how much more expensive is the st..
Representative consumers have the utility function U(C,Ls) = log(C) + log(1- Ls). Representative consumers have labor endowment of 1. So Ls must be less than 1. Write down the budget constraint of the representative consumer. Write down the maximizat..
Explain the shape of a monopolist’s marginal revenue curve and draw it on a graph. Use intuition, math or both in your explanation.
Describe the difference between average revenue and marginal revenue. Why are both of thes revenues measures important to a profit maximizing firm?
Imagine that you have a fixed 30-year interest rate for your mortgage, and the economy has experienced unanticipated inflation.
The marginal factor cost curve for a monophony: The marginal factor cost curve for a monopsony: Which of the following Lorenz curves is closest to the diagonal line?
Is technology the critical driver of globalization? What is the nature of this argument conceived by: liberalism, mercantilism, and Marxism?
Consider a consumer with utility function u(x1,x2) = x1x2 and income m who faces given prices p1 and p2. Draw the new budget constraint, optimal choice and indifference curve going through this optimal choice. What is the effect of the increase in pr..
Two incinerators are being considered by a waste management company. Design A has an initial cost of $2,750,000, has annual operating and maintenance costs of $1,000,000, and requires overhauls every 5 years at a cost of $825,000.
Evaluating the quality of a city’s sanitary landfill (garbage dump). You need to provide a nominal definition for sanitary landfill, a operational definition describing briefly how the concept will be measured, and compile at least five specific indi..
You are expected to apply some of the concepts/ models or theories used in the course as well as secondary research (eg. periodicals, trade publications, newspapers etc).
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