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Lorelai purchases an inn in 2004 for $200,000. Today (2016) if she wants to operate it as a bed and breakfast she would have to pay her cook $25,000/year, her assistant manager $50,000/year, and $10,000 in electric bills. Alternatively, she could could sell the inn to a large corporate hotel chain for $300,000. A second option would be to donate it to the local historical society; as a gesture of gratitude they would build a statue of her on the town square, which she would value at $25,000
a) What are the explicit costs of operating the bed and breakfast?
b) What are the accounting costs of operating the bed and breakfast?
c) What are the economic costs of operating the bed and breakfast?
Derive the equation describing labor demand in this economy as a function of the real wage and the capital stock. The economy has 27,000 units of capital and a labor force of 1,000 workers. Assuming that factor prices adjust to equilibrate supply and..
The market is in long-run equilibrium. What market structure best describes the pizza market in this town? Explain. What is average variable cost at this output level for each of the four shops? Explain how you derived this result.
Explain what would happen to the price and sales in the movie theater ticket prices if the following occur: (1) a decrease in the price of DVD rentals, (2) Increase in the price of concessions at the movie theater and (3) Increase in theater worker's..
q1. peter and sally enter a bus and two adjacent cramped seats are free. they must decide whether to sit or stand.
If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium.
Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L). If the firm is using 4 units of capital and 3 units of labor, how much output are they producing? Is this firm operating efficiently? Why or why not?
What is the difference between inflation and a relative price increase? Explain If the inflation rate is 4% and the nominal rate of interest is 10%, what is the real rate of interest? Explain with an example.
You have an income of $40 to spend on two commodities. Commodity 1 costs $10 per unit, and commodity 2 costs $5 per unit, illustrate what is the budget equation.
A lone shepherd can graze 10 sheep per year in a meadow. Each additional shepherd who uses the meadow reduces the number of sheep that can be maintained by one per shepherd. how many shepherds will lead their flocks to the meadow every year? What are..
A news article in the Edmonton Journal on December 2014 stated that, “The province is looking at cutting 70 of the Alberta Law Enforcement Response Team’s 280 positions to save money.” Explain the basic idea behind using a statistical instrument (or ..
Kris borrows some money in her senior year the buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48 end-of-month payments thereafter. If the original note loan) is for $28,000 and interest is 0.5% per month ..
Using a required reserve ratio of 10% and assuming that banks keep no excess reserves, what is the value of government securities the Fed must purchase if it wants to increase the money supply by $2 million?
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