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One year ago, Allen and Aimee opened a cheese firm (called ALAM). Use the following information to calculate ALAM's explicit costs and implicit costs during its first year of operation: a.Allen and Aimee put $70,000 of their own money into the firm. b.They bought equipment for $40,000. c.They hired one employee (Josh) to help them for an annual wage of $18,000. d.Allen gave up his previous job, at which he earned $22,000, and spent all his time working for ALAM. e.Aimee kept her job, which paid $20 an hour, but gave up 20 hours of leisure each week (for 50 weeks) to work for ALAM. f.ALAM bought $50,000 of goods from other firms. g.The market value of the equipment at the end of the year was $37,000.
1. according to the law of demand other things remaining the same if the price of a gooda. rises the quantity demand
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when wal-mart locates in a smaller town often the local retailers e.g. hardware clothing and appliance stores are
Gizmos, Inc. produces gizmos at an average total cost (ATC) of $20 and an average variable cost (AVC) of $15. The only fixed input used in the production of gizmos costs $20. What are the total costs (TC) and total variable costs (TVC) of Gizmo’s cur..
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A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
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What is the question you want to use the dataset to try and answer? What is your key independent variable(s)?
Choco Delite is a manufacturer of fine chocolates. It's monthly rental expense is $1,000,000. It has 2 million in fixed labor costs. Its marginal costs are $.70 per chocolate bar
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