1. A lawyer is contemplating quitting her current job with a major corporation (where she earns...
1. A lawyer is contemplating quitting her current job with a major corporation (where she earns an annual salary of $110,000) to open her own law practice. She estimates that the total cost of operating the office will be approximately $111,000 per year. The potential revenue is estimated as $200,000 per year. Her economic profit from this venture would be ___?
Hint: Write your answer to two decimal places. Answer could be a negative or positive number.
2. A firm’s short-run average cost is described by the equation: SAC = 2,000/Q + 26 + .2Q. Determine the equation for the firm’s marginal cost. What is the MC of producing the tenth unit of output?
Hint: Write your answer to one decimal place.
Homework Answers
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