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Academic approach to Opportunity cost
Bob runs a hardware store in Montana. His inventory costs him $75,000. Prior to opening his hardware store, Bob worked as an investment banker earning $175,000 per year. He pays his employees $150,000 per year. Economists would say Bob's cost of running the hardware store is $225,000 per year.
In other situations it would be reasonable for a purely competitive wheat farmer to raise his price per bushel because he could reduce his variable costs by selling less at a higher price. True or false, and why?
What is the profit-maximizing price and output? What is the total profit? What is the price elasticity of demand at the profit maximizing output?
Compute the point price elasticity of demand for bearing grease. Compute the optional price for bearing grease if marginal cost is $4.50 per unit.
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve.
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Political business cycle: Do economic events affect presidential elections? To test this so-called political business cycle theory, Gary Smith 20 obtained the following regression results based on the U.S Presidential elections for the four yearl..
Plot both together on a supply-demand graph. Calculate the equilibrium P and Q, and show them on your graph as well. Also calculate CS (consumer surplus) at the equilibrium.
What is real mortgage interest rate in 2001, 2002, 2003 and 2004? What are the values in 2000 dollars of the Nancy's monthly mortgage payments in the year of 2001, 2002, 2003, and 2004?
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
What is the profit-maximizing price to charge a Texan for a car wash? What is the profit-maximizing price to charge a Californian for a car wash?
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