Master’s Cleaners’ average variable costs consist of $.70 of direct labor, $.30 of direct materials, and $.50 of other variable inputs. If it has fixed costs of $1,000, what level of output

is required at a price of $2 to generate $500 in profits?

a. 1,000

b. 1,500

c. 2,000

d. 2,500

e. 3,000

Minneapolis federal reserve bank economist edward prescott estimates the elasticity of the u.s. labor supply to be 3. given this elasticity, what would be the impact of funding the social security program with tax increases on the number of hours worked and on the amount of taxes collected to fund social security?

On the first day of the fiscal year, a company issues an $7,500,000, 8%, five-year bond that pays semiannual interest of $300,000 ($7,500,000 × 8% × ½), receiving cash of $7,740,000. journalize the first interest payment and the amortization of the related bond premium. round to the nearest dollar. if an amount box does not require an entry, leave it blank.

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