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When asked in a television interview what she felt she was missing out on because she spent most of her time training for the Olympics, a rower answered, “A normal social life.” She also revealed that she had given up a job that paid $20,000 per year in order to train full-time. She was fortunate to receive a grant from Sport Canada of $10,000 per year, but this was not enough to cover all of her expenses. Her food and rent were $5,000 per year and training expenses (coach’s fee, equipment costs etc.) were$16,000 per year.
a. What is the annual opportunity cost of “going for Gold” for this rower?
b. What is the annual opportunity cost to Canada of training this rower?
c. In general, what is the annual opportunity cost to Canada of sending this rower and other athletes to the Olympics?
Illustrate what would happen to the total employment, the size of the labor force, and the unemployment rate? Show the results graphically.
Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but a 15 percent tax on earnings between $10,000 and $20,000 and a 25 percent tax on income between $20,000 and $30,000. Determine your marginal tax rate. Determine your ..
The main groups without health insurance are;
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Suppose that you estimate the following cost function for your company, which is a monopolistically competitive firm: TC=150Q-5Q^2+Q^3 , and the following demand curve for your product: P=162-5Q. Compute and plot the average cost and marginal cost. O..
Let’s explore the business of Farmer Ted. The farmer has two fixed inputs that he owns: A tractor, which Ted can rent out for $24000 per year if he doesn’t use it on his farm at all in the year, and land which is currently valued at 1 million dollars..
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