A company purchased new furniture at a cost of $32,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $3,800. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?
a. $470
b. $5,590
c. $1,600
d. $1,790
e. $1,410

The third part of the lras curve is vertical. this corresponds to what point in the ppf model? a.to the left of the curve b. full employment (on the curve). c. to the right of the curve.

Which economic system could be characterized by the "iron fist", meaning a central authority figure has control over most of the economy? market economy command economy traditional economy free enterprise economy

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]