Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000 . and her expenses for the business were $15,000 . When she started her tax and bookkeeping business, Julia gave up her supplemental job doing in-home pet sitting. She used to earn $10,000 per year from pet sitting. Assume that she incurred no costs for her pet sitting

business. Julia's implicit costs are
a. 0.
b. $10,000.
c. $15,000.
d. $25,000.

b

Economics

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Refer to Goods X and Y. If the indifference curves are horizontal, then we can conclude that

Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. X does not affect the individual’s utility. b. Y does not affect the individual’s utility. c. both X and Y affect the individual’s utility. d. neither good affects the individual’s utility.

Economics

The following question relate to a community that is circular in nature with a one mile circumference. There are 81 people evenly distributed around the lake where the town is built. The travel cost is $10 per mile, a restaurant costs $100 to set up, and the cost per meal is $2. Sketch two total cost curves as functions of the number of restaurants. The first one is the total cost of meals per day and the second is the total cost of transportation per day. Plot five points for each curve. Round off small residuals to the nearest whole number.

What will be an ideal response?

Economics