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During a particular year, a consulting firm has the following costs: 575,000 in wages and salaries to employees; 70,000 in rental payments; and 27,000 for office supplies, utilities and advertising. In Addition Janis the owner of the firm is full time and is not paid in salary, she she gets the firms profits. If she did not work for the consulting firm, janis could earn 120,000 per year working as a consultant for another firm. For each possible amount of total revenue, fill in the accounting profit and economic profit of the consulting firm. Total revenues are : 750,000; 800,000; 850,000 and 900;000 What are the accounting profit and economic profit for each?
Suppose that the stock market crashes and, as a result, people in Gotham City are poorer. This reduces the quantity of taxi rides demanded by 6 million rides per year at any given price. What effect will the mayor's new policy have now
The constant per unit price of M is $30; the constant per unit price of T is $20; and Bharat has $300 to spend on these activities. If the price of M rises to $35, what is the appropriate compensating variation.
Suppose that a firm sells in a highly competitive market, in which the going prince is $15 per unit. its cost equation is c=$25+.25Q^2 find the profit-maximizing level of out put for the firm. determine its level of profit.
a perfectly competitive market is in long run equilibrium. at present there are 100 identical firms each producing 5000 units of outputs. the prevailing market pricde is $20. assume that each firm faces increasing marginal cost .now suppose there ..
Let X denote the reaction time, in seconds, to a certain stimulus and Y denote the temperature (F) at which a certain reaction starts to take place. Suppose that the two random variables X and Y have a joint density function f(x,y)= y, 0
The town of Dry Gulch needs more water from Pine Creek. The town engineer has selected two plans for comparison: a gravity plan (divert water at a point 10 miles up Pine Creek and pipe it by gravity to the town) and a pumping plan (divert water at..
Compare the equilibrium levels of consumption C, government spending G, and planned investment I in Parts g and h. Based on this comparison, why might some economists prefer expansionary fiscal policy while others prefer expansionary monetary poli..
A perfectly competitive firm has a total cost function TC(Q)=10 million + 5Q + Q2/10,000. Of its total fixed cost of $10 million, $9 million can be avoided if the firm produces an output of zero, but $1 million is completely unavoidable.
Suppose there are two goods (a snob good and a bandwagon good), each priced at $100. If I were to increase the price of both goods by $50, which good would experience the largest decline in the quantity demanded by consumers.
Which country has a comparative advantage in production of caps In wheat c. If the US and Russia were the only two countries engaging in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of supply..
Is there either a recessionary output gap (negative GDP gap) or an inflationary output gap (positive GDP gap) at the equilibrium interest rate and, if either, what is the amount There is a recessionary output OR gap inflationary output gap of $.
Many MBAs who ventured into the "dot.com" world of the late 1990s found themselves unemployed by 2001 as many firms in that industry ceased to exist. However, during their tenure with these companies, these managers gained valuable skills in how t..
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