Suppose that you are a fishing boat owner and that you have purchased a boat for $75,000 with a 15 year loan for the full amount. What is your fixed cost per year, ignoring interest payments?
a. $1,000
b. $7,500
c. $5,000
d. $2,500
e. $3,750
C
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A theory can best be defined as
A. an untested assertion of untested fact. B. a set of assumptions that simplify the real world. C. the opinion of a reliable person who studies a subject or discipline. D. a deliberate simplification of factual relationships that attempts to explain how those relationships work. E. the accumulation of knowledge that has been verified by the scientific community.
A firm might prefer a commission system of compensation when the nature of the work is repetitive and monotonous and can be performed by an individual
Indicate whether the statement is true or false
A . Explain how a change in technology will affect labor productivity. b. Give an example of a change in technology that increased labor productivity
Suppose that good X is a luxury and that good Y is a necessity. Which good would you expect to have more price elastic demand?