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Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capital equipment). Its calculation is: revenue - cost = profit.
Microeconomics, Economics
Question: Describe three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service. Analyze the factors that impact your choice of inputs to produce t ...
Question: Imagine that there is an adverse supply shock. Draw a graph depicting the adverse supply shock, and explain what it means for an economy (in terms of prices and output). The response must be typed, single space ...
Question - The revenue equation (in hundreds of millions of dollars) for barley production in a certain country is approximated by R(x) equals = 0.0637x2 + 1.3445x + 2.2695 where x is in hundreds of millions of bushels. ...
Question: 1. In January 2009, Congress passed a major stimulus bill. The bill increased federal spending over several years; in 2010, stimulus spending was $385 trillion, or about 2 percent of GDP. According to the Offic ...
Question - Lashondra is the owner/operator of an interior design firm. Last year she earned $400,000 in total revenue. Her explicit costs were $200,000 (assume that this amount represents the total opportunity cost of th ...
Price Quantity of Pizzas Demanded Quantity of Pizzas Demanded (Dollars) (Income = $20,000) (Income = $24,000) 8 40 50 10 32 45 12 24 30 14 1 ...
Question: How do you think the problem of moral hazard might have affected the safety of sports such as football and boxing when safety regulations started requiring that players wear more padding? The response must be t ...
Question: Many critics of government programs to help low income individuals argue that these programs create a poverty trap. Explain how programs such as TANF, EITC, SNAP, and Medicaid will affect low-income individuals ...
Question: Standard economic theory examines competition as the number of firms within the market. What was Hayek's contention with this view in The Meaning of Competition? Instead, what did Hayek say was the better way t ...
Question - What is slavery? Explain how and why slavery developed in the American colonies. Why couldn't colonists use indentured servants as they had in the past? How would you describe the differences between slaves an ...
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