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Question: You are the manager of a small farm. Your yearly revenue is $300,000. You work in your farm. You could work somewhere else for $50,000 a year. However, if you work elsewhere the lack of supervision hurts performance and farm revenues will decrease by $20,000 as a result. You pay other workers $140,000 a year. The land is yours, and could be rented for a different purpose or to a different farmer for $50,000 a year. Every year, you get a farming license for $50,000. You buy it January 1st and it is good for one whole year. The yearly cost of seed, water and fertilizer is $40,000. It is now March
a. Calculate your yearly economic profits
b. Calculate your yearly accounting profits.
c. Should you keep operating until the end of the year?
d. Should you keep operating next year? You may assume all the numbers from this year stay the same and there is no uncertainty.
Comparative statics examine in economics is best illustrated as comparison of equilibrium points before and after changes in market have occurred.
Workers are compensated by firms with "benefits" in addition to wages and salaries. The most prominent benefit offered by many firms is health insurance. Suppose that in 2000 workers at one steel plant were paid $20 per hour
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Jims best a?ordable choice? By how much can T ticket prices increase without making Jim worse o??
A cold cereal manufacturer wants 1.5% of the product to be below the weight specifications of 0.567 kg (1.25 lb). If the data are normally distributed.
There were 20 subjects in each group. If we assume that the true means and standard deviations have been estimated exactly, what was the a priori probability (the probability before the experiment was conducted) that this study would find a signif..
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a small business which produces plastic vacuum-suction covers for round household dishes has a monopoly that is
The clerk answered, "I can't do that." When the customer started to leave the store, the clerk hastily offered, "However, I am authorized to give you a 40 percent discount on any pair in the store.
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Neha and Lorenzo are married, under the age of 65, and have five children under the age of 18. Lorenzo works full time and earns $20,000, while Neha works part time and earns $9,000. Thus, in total, their family income is $29,000. Are Lorenzo and ..
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