Ms. Doce opened a candy store. She rented a building for $[rent] a year. During the first year of operation, Ms. Doce paid $[wages] to her employees, $[utilities] for utilities, and $[goods] for goods she bought from other firms. To buy equipment for the business, she withdrew $[savings] from her savings account, which earned an annual interest rate of [rate] percent. The market value of the store’s equipment at the end of the year was $[equip]. Her total revenue was $[revenue]. Ms. Doce’s best alternative to running this candy store is to work for Wal-Mart as a sales associate for $[opportunity] a year. During the first year of operation, Ms. Doce’s economic profit is _____. Enter a value. Do not use the “$” sign. Round to two decimal places. For example, 0.51 or 4.40. For values greater than 999, use a comma (example: 12,345). For negative values, use a minus sign “−”.

Output(tons of rice per year) Total cost(dollars per ton) 0 $600 1 $1,400 2 $2,100 3 $2,400 4 $2,900 5 $3,500 Based on the table above which shows Chip’s costs, if rice sells for $500 a ton, at Chip’s profit-maximizing output he earns (incurs) an economic [value1] of $[value2] and should [value3]. For the first answer type in one of the following: profit or loss. For the second answer, just enter a value. Do not include the “$”. For values less than zero, use a minus sign “-“. For the first answer type in one of the following: stay open or shut down.

In the above figure, the area of economic profit for the profit maximizing single-price monopolist is

Which of the following is a defining characteristic of perfectly competitive industries?  There is (are) Choose all that apply.

In a perfectly competitive market, an increase in income causes the price to [value1] in the short run and new firms to [value2] the market in the long-run.

When comparing perfect competition to a single-price monopoly with the same costs

Quantity of bottled water Marginal utility from bottled water Quantity of hamburgers Marginal utility from hamburgers 1 35 1 20 2 25 2 18 3 16 3 17 4 10 4 10 5 5 5 8 6 4 6 7 Given the data in the above table, income of $14, a price of $1 for a bottle of water and $2 for a hamburger. As a result you will consume [value1] bottles of water and [value2] hamburgers.

Guy is shot and paralyzed for life in Extreme Measures

Ruth Benedict’s conclusion is that a certain behavior may be normal for a culture, but that doesn’t mean it is morally right. 

Which of the following is not one of the 4 major approaches to moral differences discussed in class