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Q. In 2002, Roma was a schoolteacher and earned $40,000. But she enjoys creating cartoons, so at the beginning of 2003, Roma quit teaching and set to work as a cartoonist. She stopped renting out her basement for $5,000 a year and began to use it as her office. She used $5,000 from her savings account to buy a new computer, and she leased a printer for $150 a year. During 2003, Roma paid $1,250 for paper, utilities, and postage; the bank paid 5 percent a year on savings account balances; and Roma sold $50,000 of cartoons. Normal profit is $3,000 a year. At the end of 2003, Roma was offered $4,000 for her computer. For 2003, calculate Roma's
1a. Explicit costs.
1b. Implicit costs.
1c. Economic profit.
Illustrate what is the present value assuming a discount rate. Level of consumption or saving will be illustrate what.
Review the biographies of each of the seven members of the Board of Governors.
Describe the common allegation that when all firms in an industry are charging the same price, this indicates the absence of competition and the presence of someform of price-setting agreement
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits
Robert Nozick concluded which no state should provide any services beyond law enforcement.Illustrate what is the equivalent certain income to this bet.
If the number of labor hours increases by 10% and the number of hours of capital used decreases by 10%, what is the percentage change in output.
which limits amount of goods they can purchase. Preference Consumers always choose goods which give most pleasure. So how do we measure about pleasure.
Some people claim that the "economic way of thinking" does not apply to issues such as health care. Elucidate how economics does apply to this issue by developing a "model" of an individual's choice.
q1. james marshallian demand function clarifies the utility maximization problem that is max u x1 x2. as the cost of
Explain your answer what would happen to the value of gold if public discovered that it could simply be made at home from inexpensive materials.
Compute the percentage that alter in quantity demanded of plane rides and train rides.
The three families are considering putting in streetlights on Main Street and are trying to describe how many lights to install. The table below shows each family's willingness to pay for each streetlight.
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