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Clare sells handmade purses. She uses her savings of $5,000, which was earning $750 per year in an investment account, to fund her business. Her other expenses include materials costs of $950, $500 in rent, and labor costs of $1,400. If Clare sells 40 purses at $90 each, what is her economic profit or loss?
I KNOW::
Economic Profit= Total Revenue- Total Economic Cost
If Total economic cost incorporates both out of pocket costs and opportunity cost what is the Total Economic Cost?TR= 3600
A firm is analyzing if entering into a market is profitable. A brilliant young economist, who is Director of Economic Research in this firm, has estimated that demand would be Q(p) = 100-2p. She has also estimated that the cost function would be C..
each having advantages which make it do method of choice under a given set of circumstances. The selection of one method from several for a given set of conditions is the topic of this case study. Three methods of financing are described in detail..
Jonathan (a monopolist) maximizes profit by producing a quantity of 800 pillows where marginal cost is $2 and average cost is $4. Consumers are willing to pay as high as $10 per pillow when the quantity supplied is 800 pillows.
Why does prohibiting it often work better in theory than in practice?
A student is taking two courses, history & math. The probability the student will pass in the history course is .60 and math is .70. The probability of passing both is .50.
Assume a firm wants to minimize its cost of producing y amount using x1 and x2 as inputs, which means it wants to minimize w1x1 + w2x2 subject to x1^(1/2)x2^(1/2)= y: (a) Using Lagrange multiplier method, find optimal x1 and x2 as functions of w1,w2 ..
here are three modes of treatment: Mode A, B, and C; and three possible states of nature: 1. Treatment succeeds and patient leads a normal life, 2. Patient survives treatment but is permanently disabled, and 3. Patient fails to survive treatment. ..
A single unit of a good is to be sold via an auction. There are two bidders, A and B. They are assumed to be risk-neutral. The seller knows that there are five possible values of willingness to pay, $100, $200, $300, $400 and $500.
a. Plot the supply and demand curves b. Calculate the equilibrium price and equilibrium quantity. c. Suppose the government imposes a price ceiling of $30 in this market. Determine mathematically and graphically the loss of social welfare.
A newly graduated engineer bought furniture for $900 from a local store. Monthly payments for l year will be made. Interest is computed at a nominal rate of 6%. What interest is paid in the last month.
assume that the interest rate on a one year bond is 7 percent today and the interest rates expected on one year bonds in the future are 6 percents in 1-year, 5 percent in 2-year , and 4 percent in three years bond. according to the exceptions theo..
If I invested 10,000 in a fund paying 0.2% annual fees and added $100.00 per month for 40 years, receiving 10.4% annual returns what happens to the investment with 3.43% annual inflation What is the value in terms of today's dollars
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