Answer:
a. $125 per month
b. $10,300 per month
Explanation:
Data provided in the question
Paid amount as a corporate accountant = $10,000
Renting cost = $300
Purchase of office supplies = $75
Monthly electric bill = $50
The computation is shown below:
a. Explicit cost
Explicit cost = Purchase of office supplies + increase in monthly electric bill
= $75 + $50
= $125 per month
b. Implicit cost
= Paid amount as a corporate accountant + renting cost
= $10,000 + $300
= $10,300 per month
Answer:
Part a: According to Solow model higher per capita real GDP will be in Chile because of its highest saving rate.
Part b: The per capita capital stock or the labour ratio is the primary factor for these differences in the simple Solow model.
Explanation:
<em>Part a:</em>
According to Solow model higher per capita real GDP will be in Chile because of its highest saving rate.
In Solow model the GDP per capita is defined as

Also the steady state path is given as

As all other parameters are same thus the country with higher value of s will have a higher per capita GDP.
According to the Solow model, higher saving rate means larger capital stock and high level of output at the steady state.
Higher saving rate leads to faster growth in Solow model. So there is higher per capita real GDP for the country that has higher saving rate.
<em>Part b:</em>
In Simple Solow Model, the steady state per Capita GDP,
is the function of the steady state per capita capital stock given as 
Now this indicates that

where f is an increasing concave function i.e. f'>0 and f''<0
Thus the sole dependence of per capita GDP is on per capita capital stock.
Thus the per capita capital stock or the labour ratio is the primary factor for these differences in the simple Solow model.
Based on the total cost, total revenue, and pair of shoes, the profit level at every level of running shoe production are:
- Pair 1 - $23
- Pair 2 - $51
- Par 3 -$80
- Pair 4 - $109
- Pair 5 - $137
<h3>What are the profits at each level?</h3>
The profit can be found as:
= Total revenue - Total cost
At first level:
= Total revenue - total cost
= 30 - 7
= $23
At pair 2:
= Total revenue - total cost
= 60 - 9
= $51
At pair 3:
= Total revenue - total cost
= 90 - 10
= $80
At pair 4:
= Total revenue - total cost
= 120 - 11
= $109
At pair 5:
= Total revenue - total cost
= 150 - 13
= $137
The total profit is increasing because the total revenue is increasing significantly yet the total cost is only increasing marginally.
In conclusion, the profit is increasing more because cost is increasing less.
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An interest rate that reflects the return required by a lender and paid by a borrower expressed as a percentage of the principal borrowed is the Annual percentage rate.
Therefore, the statement given is True.
The annual percentage rate is the yearly cost of a loan to a borrower, including fees. The APR is a percentage that is expressed much like an interest rate. However, unlike an interest rate, it also includes other costs or fees such as mortgage insurance, the majority of closing costs, discount points, and loan origination fees. The cost of borrowing money annually, including fees, is stated as a percentage called the annual percentage rate. The APR is a more comprehensive indicator of how much borrowing money will cost you because it includes both interest rates and application costs.
The annual percentage rate (APR) represents the cost of borrowing money. Compared to the interest rate alone, it provides a more accurate picture of a loan's cost. It contains extra costs in addition to the interest rate and discount points. Although all expenditures aren't taken into account, lenders must use the same costs to determine the APR.
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