Homework Answers
John’s revenue=P*Q=230*4=920 Revenue is the amount received after selling produced
total cost=550
Economic profit=Total revenue- Total cost=920-550=370
Add Answer to:
Suppose John sells hotdogs. Last week he sold 230 hotdogs for $4 each. His total cost...
A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and sold each...
A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and sold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of $28,000 and a total explicit cost of $45,000. Suppose the owner of the business had an offer to work for another firm that raises his opportunity cost by $25,000. a. What is total revenue for this firm? b. What is the implicit cost for the owner? c. What is fixed cost...
5. A sports equipment firm manufactures and sells basketballs. Last year it sold 12,000 basketballs at...
5. A sports equipment firm manufactures and sells basketballs. Last year it sold 12,000 basketballs at a price of $40 per basketball. For last year, the firm's A. explicit costs were $480,000. B. implicit costs were $480,000. C. accounting profit was $480,000. D. economic profit was $480,000. E. total revenue was $480,000. 6. Toledo Tire Company produced and sold 6,000 tires. The average cost of production per tire was $70. Each tire sold for a price of $85. Toledo Tire...
1. A firm sells 150 units of output at a price of $8 each. The economic...
1. A firm sells 150 units of output at a price of $8 each. The economic cost of producing the 150 units of output is $1,000. Calculate the firm's level of economic profit. 2. Claire's Cafe hires you to determine the business's status. The data below provides information on the company's annual costs and revenues. Wages $85,000 Interest paid on loans 7,000 Other expenditures for factors of production 67,000 Total Revenue 250,000 Claire spends at least 40 hours a week...
1. Last week, Cal sold an average of 4,000 gallons per day at an average price...
1. Last week, Cal sold an average of 4,000 gallons per day at an average price of $2.658 per gallon. This week, he raised the average price to $2.758 per gallon. His station is now selling an average of 3,600 gallons per day. Fixed costs of operating the gas station are $438 per day. What is the price...
1. Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month,...
1. Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month, and the cost of ingredients and overhead averages $500 per month. Ralph could earn $35,000 per year as the manager of a competing pizza restaurant nearby. His total explicit costs for the year were a. $24,000. b. $66,000. c. $72,000. d. $60,000. e. $6,000....
1. Suppose Andy sells oranges in a perfectly competitive market. The following table represents his output...
1. Suppose Andy sells oranges in a perfectly competitive market. The following table represents his output and costs: Output Total Fixed Variable ATC AFC AVC MC per day Cost Cost Cost $10.00 $20.50 $24.50 $28.00 $34.00 $43.00 $55.50 $72.00 $93.00 $119.00 a) Fill in the missing columns b) Suppose the equilibrium price for oranges in the market is $12.50. How many oranges should Andy sell if he wants to maximize profits? What price will he charge for a unit of...
3. Production costs for manufacturing running shoes consist of a fixed overhead of $650,000 plus variable costs of $20 per pair of shoes. Each pair of shoes sells for $70. (a) Find the total cost...
3. Production costs for manufacturing running shoes consist of a fixed overhead of $650,000 plus variable costs of $20 per pair of shoes. Each pair of shoes sells for $70. (a) Find the total cost, C (g), the total revenue, R g), and the total profit, π(g), as a function of the (b) How many pairs of shoes must be produced and sold for the company to make a profit? number of pairs of shoes produced, q.
3. Production costs...
4 questions MICROECONOMICS ECONOMIC VS. ACCOUNTING PROFITS - HOMEWORK BSE 2212 2) Chapter 9 #1. Gomez...
4
questions
MICROECONOMICS ECONOMIC VS. ACCOUNTING PROFITS - HOMEWORK BSE 2212 2) Chapter 9 #1. Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if has been offered $15,000 per year to work as a potter for...
4. Jimmy has a room that overlooks, from some distance, a major league baseball stadium. He decid...
4. Jimmy has a room that overlooks, from some distance, a major league baseball stadium. He decides to rent a telescope for S50.00 a week and charge his friends and classmates to use it to peep at the game for 30 seconds. He can act as a single-price monopolist for renting out "peeps." For each person who takes a 30-second peep, it costs Jimmy S0.30 to clean the eyepiece. The accompanying table shows the information Jimmy has gathered about the...
please answer all 4 please! thank you! Alex quit his job at State University where he...
please answer all 4 please! thank you!
Alex quit his job at State University where he earned S45,000 a year to start extreme gaming software business. To start the business, he cashed in $100,000 in bonds that was earning him 10 percent interest annually to buy equipment. His forgone entrepreneurial income was $5,000 a year. In the first year, the firm sold 11,000 units of software at $75 for each unit. Of the $75 per unit, S55 goes for the...
1. Suppose Andy sells oranges in a perfectly competitive market. The following table represents his output and costs: Output Total Fixed Variable ATC AFC AVC MC per day Cost Cost Cost $10.00 $20.50 $24.50 $28.00 $34.00 $43.00 $55.50 $72.00 $93.00 $119.00 a) Fill in the missing columns b) Suppose the equilibrium price for oranges in the market is $12.50. How many oranges should Andy sell if he wants to maximize profits? What price will he charge for a unit of...
3. Production costs for manufacturing running shoes consist of a fixed overhead of $650,000 plus variable costs of $20 per pair of shoes. Each pair of shoes sells for $70. (a) Find the total cost, C (g), the total revenue, R g), and the total profit, π(g), as a function of the (b) How many pairs of shoes must be produced and sold for the company to make a profit? number of pairs of shoes produced, q.
3. Production costs...
4
questions
MICROECONOMICS ECONOMIC VS. ACCOUNTING PROFITS - HOMEWORK BSE 2212 2) Chapter 9 #1. Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if has been offered $15,000 per year to work as a potter for...
4. Jimmy has a room that overlooks, from some distance, a major league baseball stadium. He decides to rent a telescope for S50.00 a week and charge his friends and classmates to use it to peep at the game for 30 seconds. He can act as a single-price monopolist for renting out "peeps." For each person who takes a 30-second peep, it costs Jimmy S0.30 to clean the eyepiece. The accompanying table shows the information Jimmy has gathered about the...
please answer all 4 please! thank you!
Alex quit his job at State University where he earned S45,000 a year to start extreme gaming software business. To start the business, he cashed in $100,000 in bonds that was earning him 10 percent interest annually to buy equipment. His forgone entrepreneurial income was $5,000 a year. In the first year, the firm sold 11,000 units of software at $75 for each unit. Of the $75 per unit, S55 goes for the...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago