Mary is a young doctor who has just started her own practice. Her previous position paid her $80,000 a year. For office space, she uses a building which she owns and which she has rented in the past for $40,000 a year. Her total revenue from her new practice is $250,000. She pays $50,000 to other firms for material and supplies, and she pays $40,000 in wages to her office nurse. Assume that Mary's building and equipment do not depreciate and that her normal profit is $20,000. a. Which of Mary's costs are explicit costs and what is their total?

b. Which of Mary's costs are implicit costs and what is their total?

c. What is the opportunity cost of all factors of production employed by Mary?

d. What is Mary's economic profit? (4 points)

2. Dairy is a perfectly competitive industry. Suppose that dairy ranchers are all incurring an economic loss.

a. Explain what happens as time passes?

b. Explain what is the long-run equilibrium outcome? (4 points)

Which system of linear inequalities is represented by the graph? x-3y > 6 and y? 2x + 4 x + 3y > 6 and y? 2x - 4 x - 3y > 6 and y? 2 - 4 x + 3y > 6 and y > 2x + 4 no be 2 -1.1 1 2 3 4 5 submit save and exit next mark this and retum be

Which term below correctly completes the following sentence? if a function has a vertical asymptote at a certain x value, then the function is what at that value

Ascientist studied a population of workers to determine whether verbal praise and/or tangible rewards affect employee productivity. in the study, some workers were offered verbal praise, some were offered tangible rewards (gift cards, presents, and some were offered neither. the productivity of each participant was measured throughout the study by recording the number of daily tasks completed by each employee. which inference might the scientists make based on the given information? a.) the number of daily tasks completed by each employee may influence the dependent variable, which is whether the employee receives verbal praise, tangible rewards, or neither. b.) verbal praise and/or tangible rewards may influence the independent variable, which is the number of daily tasks completed by each employee. c.) verbal praise and/or tangible rewards may influence the dependent variable, which is the number of daily tasks completed by each employee. d.) the dependent variables, which are verbal praise and tangible rewards, may influence the number of daily tasks completed by each employee.