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Jones Auto Sales calculates its “4%” ?nancing as follows. If $3600 is borrowed to be repaid over a 3-year period, the interest charge is ($3600)(0.04)(3 years) = $432. The $432 of interest is deducted from the $3600 loan and the customer has $3168 toward the cost of a car. The customer must repay the loan with 1/36 of $3600, or $100, monthly payments for 36 months. What effective annual interest rate is being charged? Suggestion: Require PW of Cost = PW of Benefits using a P/A equation for 36 months. Use a solver to find the monthly rate, then convert the monthly rate into the effective annual rate.
Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
Jim sees commuting by bus and T as perfect substitutes (U = T + B), that is, he would exchange one commute by bus for one commute by T. The price of a bus ticket is $1.50 and the price of a T ticket is $2.00. Jim has $6.00 to spend on commuting. Find..
If expected inflation is constant and the nominal interest rate increased 5 percentage points, what would happen to the real interest rate?
Decreasing returns to scale refers to a situation where an increase in a firm's scale of production leads to lower costs every unit produced.
Let us examine the market for smart phones. Assume that the inverse market demand function is given by p = 240-2Q. Initially, firm A and firm B produce at equal unit cost, c0. After investing heavily in R&D, firm A has managed to reduce its unit prod..
An entrepreneur quits a job where she was earning $60,000 per year and starts her own business. In this business she is earning $20,000. What is the cost of the business? Suppose the entrepreneur is so happy being on her own that she thinks it gives ..
Firms in monopolistic competition would
what is the formula for that equation? Assume you have 5 uneven payments to make and you want to know what you will be paying at 10% per payment (year) on this uneven payment.
q.consider a market with a demand function q 20 - p currently there are ten firms operating. each firm has the
All economic systems (capitalist, communist, or any other) face similar economic problems. Which of the following questions would NOT be faced by all economies?
Shannon purchases a bond for $1,142.38. The bond matures in 3 years, and she will redeem it at its face value of $1,200. Interest premiums are paid annually. If Shannon will earn a yield of 7%/year compounded yearly, what is the bond interest rate?
Market failure occurs in natural monopolies because
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