Andy runs a small convenient store. He owns the place; he has hired a person for $8 per hour, 8 hours per day, 7 days a week. He works in the store himself for 3 hours per day.
Q: Question 3n On January 1, 2020, California initiated a state-wide rent control. Landlords may not…
A: Price ceiling is defined as the binding imposed by the government on the upper limit of the prices…
Q: 4. The table below presents the demand and supply schedule for tomatoes. Price (in Pesos) 30 40 50…
A: Given:
Q: Suppose an economy produces steel, wheat, and oil. The steel industry produces $100,000 in revenue,…
A: The entire dollar worth of all products and services produced over a certain period of time in an…
Q: Classify each of the following based on the macroeconomic definitions of saving and investment.…
A: Investment is the purchase of items to facilitate production of final goods and services.
Q: Complete a competitor analysis of Pick n Pay (brand in South Africa)
A: Some of Pick n Pay's main competitors are Shoprite, Woolworths, and Spar. In general, Pick n Pay is…
Q: In recent years, with all the economic troubles, CEO pay has A. Gone up B. Gone down C.…
A: CEO pay includes the salary, short-term and long-term incentives, lucrative bonuses, stock options,…
Q: The Foreign Exchange Market The Jamaican dollar experienced a rapid depreciation in the exchange…
A: The government of Jamaica should look at both pros and cons of shifting from floating exchange rate…
Q: Is China in the process of becoming the next global threat to U.S.? Why or why not?
A: Global threats are likely to result in a catastrophe for the environment and a global decline in…
Q: Rainbow Harbor Cruises charges $16/adult and $8/child for a round-trip ticket. The records show…
A: Assume number of adults are denoted with "A" and number of child are denoted with "C" #Saturday A +…
Q: Consider each of the following deposit cash flow series. What will the final balance be (e.g.,…
A: Future value of cash flows informs how much the original cash flows at a specified intervals will…
Q: Write short notes on Mercantilism Absolute Cost advantage theory Leontief Paradox Contract…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first 3 subparts for you. If…
Q: What is the optimal example to illustrate. K - Distinguishes between positive and normative…
A: Two features of economy are - 1) wants are unlimited 2) resources are scarce so rational decision…
Q: Based on the utility maximizing rule, Is Angel maximizing their utility? OYes ONO ONot enough…
A: Utility maximisation level is the point where slope of Indifference curve is equal to the slope of…
Q: e price of product A changes from $1100.00 to $200.00 and as a result, Jerome's purchases of product…
A: Cross price elasticity of demand depicts how much a good responds with the change in the price of…
Q: The following scenarios describe products that are price.... 1. The new Mercedes sports car costs…
A: The degree to which demand responds to a change in an economic factor is referred to as demand…
Q: An IBD/TIPP poll conducted to learn about attitudes toward investment and retirement asked male and…
A: Since You have posted multiple subparts, as per the guidelines we can solve only the first three…
Q: Suppose the LNG Inc. company wants to build three pipelines that would carry fuels under your city.…
A: Marginal cost alludes to the increment or abatement in the expense of delivering another unit or…
Q: a. According to the Law of Supply, if the price of a good increases, O A. the supply of that good…
A: The supply curve of a good depicts the direct relationship between the price of a good and the…
Q: Total population Working-age population Employed A (7,500/75,000) × 100. Unemployed Consider the…
A: Given, Total population = 125,000Working-age population = 75,000Employed = 60,000unempoyed = 7,500…
Q: Find the cross elasticity of demand between cars and gasoline when the number of cars decreases from…
A: Cross price elasticity measures the change in demand of a good caused by the change in the price of…
Q: he demand equation for cans of chicken is Qd= 60-3p Suppose the price of a can of chicken…
A: Price elasticity of demand measures the degree of responsiveness of demand to change in the price of…
Q: Bill Mitselfik borrowed $16,000 to be repaid in quarterly installments over the next five years.…
A: Present value refers to the value of cash receipts of payments (PMTs) in future expressed as it to…
Q: Suppose the current GDP is $11.3 trillion. Assuming that consumption is $6.7 trillion, investment is…
A: Gross domestic product estimates the financial worth of definite labor and products — that is, those…
Q: Suppose a small economy has two income tax rates: 15% for all income up to $50,000 and 30% for any…
A: in a question, it is given that,the tax rate is 15% below an income of $50,000,the tax rate is 30%…
Q: If GDP is 1800 and the money supply is 450, what is the velocity of money? Show your work.
A: The velocity of money is the frequency at which one unit of currency is utilized to buy…
Q: A government assists firms in certain industries so that rival foreign firms will not prevent them…
A: A new industry does not possess same capabilities and resources as compared to the competitors. Such…
Q: Do the following events lead to an increase or decrease in the equilibrium price of athletic wear,…
A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…
Q: A government starts off with a total debt of $2.0 billion. In year one, the government runs a…
A: A nation's gross government debt (likewise called public debt, or sovereign debt[1]) is the monetary…
Q: Consider the following stock portfolio Stock Ford Toyota Tesla 03% 09% 2.67% 2.25% 16% Investment…
A: Return in ford = 5% of $100 = $5. Return in toyota = 1% of $200 = $2. Return in tesla = 3% of $300 =…
Q: I have purchased a machine worth P1,500,000.00. And it needs maintenance every 6 months starting…
A: Given that, Present value = P1,500,000.00 Maintenance Cost = 2% Compounded Quarterly = 10% Useful…
Q: Why does Pinterest consider Google to be its largest competitor?
A: A company is considered as a competitor when they sell or provide similar goods and services or…
Q: Refer to Table 4-4. The table above lists the marginal cost of sunglasses by Miami Dade Shades, a…
A: Producer surplus is equal to the difference between market price and the producer's minimum…
Q: Juice producers are price takers since they compete in a highly competitive market. The going rate…
A: Any amount of the good can be sold by a completely competitive company, which acts as a price taker.…
Q: Consider an economy in which the consumption, investment and production functions are as follows. C…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: With regards to PESTLE, focus on and answer the economical factor with regards to the brand Knorr…
A: Some of the key economic factors that could affect Knorr from South Africa would include inflation,…
Q: stion 3 [The drainage of waste products from the chemical factory, Teesta Chemicals, situated along…
A: When the act of production or consumption affects the third party who is not involved in the process…
Q: For the production of part R-193, two operations are being considered. The capital investment…
A: Trade off is defined as the situation where decision is made involving diminishing a quality,…
Q: There are two questions related to Regional Trading Arrangements 1. Explain the theory of optimum…
A: A regional trade agreement is a settlement between at least two government that characterize the…
Q: The following table shows the output of rice and machinery one labor hour can produce in Mexico and…
A: Comparative advantage is the trade theory given by Ricardo, as per the theory each country should…
Q: Explain why economic globalization according to Joseph Stiglitz is a failure.
A: economic globalization alludes to the rising reliance of world economies because of the developing…
Q: 3. It is estimated that a copper mine will produce 10,000 tons of ore during the coming year.…
A: The total quantity of copper mine production in a year is 10000 tons The expected increase in…
Q: Refer to Figure 4-8. To legally drive a taxicab in New York City, you must have a medallion issued…
A: Disclaimer: Since You asked the multipart question, we are solving the first 3 subparts as per…
Q: Josel owns an energy company. He produces electricity from solar energy and wind energy. The…
A: It is given that: Ps = $2 Pw = $4 Josel spends $20 of wind energy
Q: If a country produces only two goods, then it is not possible to have a comparative advantage in the…
A: Comparative advantage means producing a good at lower opportunity cost as compared to another…
Q: Refer to the diagram, in which S1 and D1 represent the original supply and demand curves and S2 and…
A: Demand in economics alludes to the quantity demanded of a good at various price levels. According to…
Q: our college newspaper, The Collegiate Investigator, sells for 90€ per copy. The cost of producing x…
A: Given the cost function, C(x) = 50 + 0.10x + 0.001x2
Q: 2. Suppose that society could produce the following combinations of pizzas and books: Alternative…
A: Opportunity cost refers to the next best alternative forgone.
Q: (a) A good is a luxury if it has a budget elasticity larger than 1, (i.e., good k is a luxury if εk…
A: Let the 2 goods be k and j Budget constraint :- pk(k) + pj (j) = m share of good k in total…
Q: A cash payment made by the government to people who do not supply goods, services or labor in…
A: The balance of payments summarises an economy's economic transactions with the rest of the world.…
Q: According to the theory of comparative advantage, countries gain from trade because Group of answer…
A: Comparative Advantage refers to the ability of a nation to produce a particular good or a service in…
Andy runs a small convenient store. He owns the place; he has hired a person for $8 per hour, 8 hours per day, 7 days a week. He works in the store himself for 3 hours per day. The utility cost $500 per month, the cost of buying and transporting the goods to his store is $3000 per month. The rent rate of the place is $2000 per month.
A. What is his total monthly expenditure?
B. What is his monthly
Step by step
Solved in 3 steps
- Don Juan Perez runs a seafood restaurant. His total income last year was $150,000. The rent was US$48,000 per year. His labour costs were $42,000 and materials, food and other variable costs were $20,000. Don Juan Perez was going to write a cookbook where he would have earned $40,000 per year, or as a chef de cuisine in another restaurant, where he would have earned $35,000. The economic utility of Don Juan Perez is:(a) 0 (zero) per yearb) 5,000 dollars a yearc) -$35,000 per yeard) $40,000 per yearStore Travel Time Each Way (minutes) Price of a Skirt (Dollars per skirt) Local Department Store 15 103 Across Town 30 87 Neighboring City 60 64 Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Skirt Total Cost (Dollars) (Dollars per skirt) (Dollars) Local Department Store 103 Across Town 87 Neighboring City 644. Reid earns $14 per hour and works 44 hours per week. If he does not want to spend more than 30% of his income on rent, what is the maximum monthly rent that he can afford? Assume a 4-pay month.
- Store Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 102 Across Town 30 88 Neighboring City 60 65 Juanita makes $42 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Suit Total Cost (Dollars) (Dollars per suit) (Dollars) Local Department Store 102 Across Town 88 Neighboring City 65Justin builds furniture for a living. Justin's out-of-pocket expenses (for wood, paint, etc.) plus the value that he places on his own time amount to hisTravel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department Store 15 102 Across Town 30 85 Neighboring City 60 76 Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Please answer typed
- 2. Hakim works 40 hours per week and currently earns $10.25 per hour at his job. His supervisor tells him that next month, he will receive a 7% pay increase. a) Calculate Hakim's new hourly pay. b) How much will Hakim earn per month after the increase? Assume a 4-pay month.e Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 102 Across Town 30 88 Neighboring City 60 65 Juanita makes $42 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Suit Total Cost (Dollars) (Dollars per suit) (Dollars) Local Department Store 102 Across Town 88 Neighboring City 65What are Inventory costs?
- Give typing answer with explanation and conclusion Ben will have earned a degree in math by the end of the year but he can earn a degree in computer science with just one more year in school by getting a second degree. His best friend just got hired by Amazon for $175,000 because he had a CS degree. The best math Ben job he could find was as a high school teacher starting at $35,000. Ben thinks his rent and living expenses would stay the?i need typing clear no chatgpt i will give 5 upvotesYou have been working as a manager of fashion store. During your work you have saved $50,000. You decided to use the money you saved to start your own business. You decided to use the money you saved to buy the materials. You also decided to utilize a store you own to home your business. The store you used for your business could have been rented for year. You hired a clerk to help you in the store that will cost $20,000 per year. The interest you could have earned on the $50,000 you used to buy the materials was $3,000 per year. Furthermore, you decided to manage your own business and you decided to quit your job that was paying $28,000 per yearYou paid $8,000 for utility. What is your explicit cost? Assume that your total sale for the year was $160,000. What is your implicit cost, what is the accounting profit? What is your economic profit?