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A few years ago, a construction manager earning $70,000 per year working for a regional home builder decided to open his own home building company. He took $100,000 out of one of his investment accounts that had been earning around 6% a year and used that money to start up the business. He worked hard the first year, hiring one employee (his only salary cost for the business was the $40,000 paid to this employee) and generated total sales of $1,000,000. Total material and subcontracted labor costs for the year were $900,000.
What is the economic profit or loss of the business?
Suppose the government imposes a price floor of $25, and agrees to purchases any and all units consumers do not buy at the floor price of $25 per unit a. Determine the cost to the government of buying firms' unsold units. b. Compute the social wel..
In late 1990s more than twenty-five domestic steel firms have filed for bankruptcy. A combination of low values with strong competition through foreign competitors and so-called legacy expenses of unions are cited as the primary reason why so many s..
An incumbent in an industry faces the possibility of entry by a challenger. First the challenger chooses whether or not to enter. If it does not enter, neither firm has any further action; the incumbent's payoff is TM (it obtains the profit M in e..
You are one of five risk-neutral bidders participating in an independent private values auction. Each bidder perceives that all other bidders' valuations for the item are evenly distributed between $50,000 and $80,000
A five-year-old defender has a current market value of $4,000 and expected O&M cost of $3,000 this year, increasing by $1,500 per year. Future market values are expected to decline by $1,000 per year.
Each month, a gas station sells 4,000 gallons of gasoline. Each time the parent company refills the station's tanks, it charges the station $50 plus 70¢, per gallon. The annual cost of holding a gallon of gasoline is 30¢.
Going back to the demand curve in part (a), suppose the current market price for an orange is $5, what happens to the demand curve for oranges if the price goes to $7 per orange That is, does the demand curve shift or is there a movement along the..
Suppose you borrowed 10,000 dollars at an interest rate of 8 percent compounded monthly over 36 months. At the end of the first year( 12 payments), you want to negotiate with the bank to pay off the remainder of the loan in 8 equal quarterly payme..
The banking market in Athens, Ohio, currently has four banks with market shares of 60 percent, 20 percent, 15 percent, and 5 percent. The two smallest banks have propesed a meeting. Under the standard merger guidelines of the Federal Reserve.
Assume that the short run cost and demand data given in the table below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Compute the marginal cost and marginal revenue of each unit of o..
suppose tht businesses buy a total of 100$ billion of the four resources(labor, land, capital and entreprenrial ability) from households. If households receive 60$ billion in wages, 10$ billion in rent and 20$ billion in interest
Calculate the BIC with the command estat ic and what is the difference between the predicted values and actual for the AR(1), AR(2) and AR(3) models.
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