Homework Answers
Answer 1 : Option 5 is correct. By choosing to stay in his current job, kieron is making an economic loss.Economic loss means loss that has been suffering including opportunity cost. Opportunity cost = $17000 (foregone)
Answer 2: Option 2 is correct. Economic loss is the loss which has been incurred within the business.
Economic loss = -$2000
Answer 3 : Option 8 is correct. Kieron explicit cost if he chooses to take the job offer to interstate would be $33000. It is cost which actually incurred.
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Kieron is currently working as an automobile detailer who eans $45,000lyear. He currently has living costs...
Kieron is currently working as an automobile detailer who earns $45,000/year. He currently has living costs...
Kieron is currently working as an automobile detailer who earns $45,000/year. He currently has living costs of $30,000lyear. Kieron has recently received a job offer interstate which offers $50,000 per year, where he expects his living costs to be $33,000/year. Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost By choosing to stay in his current job, Kieron is making a an Kieron's economic profitloss by choosing to...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with a stall hire cost of $100/day. As a result of a positive change in consumer preferences for seafood, Casey experiences a large increase in demand for her seafood Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost YCasey's daily accounting profit is YCasey was making an economic loss in this market prior...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with a stall hire cost of $100/day. As a result of a positive change in consumer preferences for seafood, Casey experiences a large increase in demand for her seafood Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost YCasey's daily accounting profit is YCasey was making an economic loss in this market prior...
Please help me in both questions, thank you very much :) QUESTION 3 Ben is a...
Please help me in both questions, thank you very much
:)
QUESTION 3 Ben is a musician who has just finished his degree in music technology. He is currently deciding whether or not to accept a job in Brisbane as a music teacher at a local school, or focus on being a touring musician. He ill earn a wage of $35,000/year as a teacher in Brisbane, and $25,000/year as a touring musician based in Melbourne. Rent is $10,000lyear in Brisbane,...
Ricky quits his job earning $150,000/year and converts a house that he owns into a museum...
Ricky quits his job earning $150,000/year and converts a house that he owns into a museum for his large collection of antique clocks. Before this, Ricky had been renting the house out for $20,000/year. Ricky hired 2 employees for his museum at a total cost of $50,000/yr, and had to pay $10,000/yr for utilities. His museum was a huge hit and brought in revenues of $125,000 the first year. One antique clock enthusiast even offered him $1,000,000 to purchase his...
1. Definition of economic costs Edison lives in Dallas and runs a business that sells boats. In a...
1. Definition of economic costs Edison lives in Dallas and runs a business that sells boats. In an average year, he receives $842,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Assume that the value of this showroom does not depreciate over the...
1. Definition of economic costs Jake lives in Detroit and runs a business that sells guitars....
1. Definition of economic costs Jake lives in Detroit and runs a business that sells guitars. In an average year, he receives $704,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom; if he chooses to rent it out, he will receive $3,000 in rent per year. Assume that the value of this showroom does not depreciate over the...
1. Definition of economic costs Lorenzo lives in Houston and runs a business that sells pianos....
1. Definition of economic costs Lorenzo lives in Houston and runs a business that sells pianos. In an average year, he receives $722,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. He owns his showroom; if he chooses to rent it out, he will receive $1,000 in rent per year. Assume that the value of this showroom does not depreciate over the...
Charles lives in Detroit and runs a business that sells pianos. In an average year, he...
Charles lives in Detroit and runs a business that sells pianos. In an average year, he receives $716,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $416,000; he also pays wages and utility bills totaling $274,000. He owns his showroom; if he chooses to rent it out, he will receive $7,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Charles does...
Jake lives in Denver and runs a business that sells boats. In an average year, he...
Jake lives in Denver and runs a business that sells boats. In an average year, he receives $711,000 from selling boats. Of this sales revenue, he mus pay the manufacturer a wholesale cost of $411,000; he also pays wages and utility bills totaling $279,000. He owns his showroom; if he chooses to rent it out, he will receive $1,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Jake does...
Kieron is currently working as an automobile detailer who earns $45,000/year. He currently has living costs of $30,000lyear. Kieron has recently received a job offer interstate which offers $50,000 per year, where he expects his living costs to be $33,000/year. Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost By choosing to stay in his current job, Kieron is making a an Kieron's economic profitloss by choosing to...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with a stall hire cost of $100/day. As a result of a positive change in consumer preferences for seafood, Casey experiences a large increase in demand for her seafood Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost YCasey's daily accounting profit is YCasey was making an economic loss in this market prior...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with a stall hire cost of $100/day. As a result of a positive change in consumer preferences for seafood, Casey experiences a large increase in demand for her seafood Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost YCasey's daily accounting profit is YCasey was making an economic loss in this market prior...
Please help me in both questions, thank you very much
:)
QUESTION 3 Ben is a musician who has just finished his degree in music technology. He is currently deciding whether or not to accept a job in Brisbane as a music teacher at a local school, or focus on being a touring musician. He ill earn a wage of $35,000/year as a teacher in Brisbane, and $25,000/year as a touring musician based in Melbourne. Rent is $10,000lyear in Brisbane,...
1. Definition of economic costs Edison lives in Dallas and runs a business that sells boats. In an average year, he receives $842,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Assume that the value of this showroom does not depreciate over the...
1. Definition of economic costs Jake lives in Detroit and runs a business that sells guitars. In an average year, he receives $704,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom; if he chooses to rent it out, he will receive $3,000 in rent per year. Assume that the value of this showroom does not depreciate over the...
1. Definition of economic costs Lorenzo lives in Houston and runs a business that sells pianos. In an average year, he receives $722,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. He owns his showroom; if he chooses to rent it out, he will receive $1,000 in rent per year. Assume that the value of this showroom does not depreciate over the...
Charles lives in Detroit and runs a business that sells pianos. In an average year, he receives $716,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $416,000; he also pays wages and utility bills totaling $274,000. He owns his showroom; if he chooses to rent it out, he will receive $7,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Charles does...
Jake lives in Denver and runs a business that sells boats. In an average year, he receives $711,000 from selling boats. Of this sales revenue, he mus pay the manufacturer a wholesale cost of $411,000; he also pays wages and utility bills totaling $279,000. He owns his showroom; if he chooses to rent it out, he will receive $1,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Jake does...
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