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A local newspaper headline blared, “Bo Smith Signed for $30 Million.” A reading of the article revealed that on April 1, 2005, Bo Smith, the former record-breaking running back from Football University, signed a $30 million package with the Dallas Rangers. The terms of the contract were $3 million immediately, $2.4 million per year for the first five years (with the first payment after 1 year) and $3 million per year for the next five years (with the first payment at year 6). If Bo’s interest rate is 8% per year, what would his contract be worth at the time he signs it?
Describe the industry equilibrium price/output combination both graphically and algebraically. Calculate the level of excess supply (unemployment) if the minimum wage is set at $7 per hour.
The company currently has 95,000 subscribers and proposes to raise its monthly fees to $39.95 to cover add-on features such as text messaging, song downloads, game playing, and video watching. What is the new breakeven point if the variable cost incr..
As an economist, you have been asked to address a meeting of a group of international professionals to explain the differences between microeconomics and macroeconomics and to provide real-world examples.
Let MUa=z=10-x and MUb=z=21-2y, where z is marginal utility per dollar measured in units. x is the amount spent in product A. y is the amount spent on product B. Assume that the consumer that the consumer has $10 to spend on A and B, that is x+y=10. ..
Elucidate the differences in unemployment rates among the United States and Western European countries.
Oligopolists have little incentive to introduce expensively new technology and produce new products when they currently are earning large economic profit using existing technology and selling existing products.
The business section of most major newspapers contains a table showing U.S. exchange rates. Find such a table and use it to answer the following questions. a. Does this table show nominal or real exchange rates? Explain. b. What are the exchange rate..
IRA(s) were first offered starting in the 1980s. If we consider the stock market as a market where investors loan money to corporations (by purchasing stocks), what effect do you think the introduction of IRA(s) would have on the supply.
Suppose the market for widgets can be described by the following equations: What is the equilibrium price and quantity?
Jason is indifferent between $10 for sure and a lottery that pays $100 with probability 0.09 and $0 with probability 0.91. He is also indifferent between $70 for sure and a lottery that pays $100 with probability 0.80 and $0 with probability 0.20.
When an inefficient firm or a firm producing a product that people no longer want goes out of business, people are unemployed, but that's part of the normal process of economic growth and development; the unemployment is part of the natural rate
Suppose the demand for a product is given by P = 30 – 3Q. Also, the supply is given by P = 10 + Q.
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