3. James earns $25 per hour for up to 45 hours of work each week. He is paid $40 per hour for every hour in excess of 45. James faces a 30 percent payroll tax on every dollar earned through work and receives $250 rent payment each week. Graph James' weekly budget line.
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- Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department Store 15 102 Across Town 30 85 Neighboring City 60 76 Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Please answer typedStore Travel Time Each Way (minutes) Price of a Skirt (Dollars per skirt) Local Department Store 15 103 Across Town 30 87 Neighboring City 60 64 Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Skirt Total Cost (Dollars) (Dollars per skirt) (Dollars) Local Department Store 103 Across Town 87 Neighboring City 64draw a budget line for a person who works 2000 hours a year today at 16$ per hour and expects to work 2000 hours in the future at the same wage. then show the effect on the graph if he increases his hourly wage to 50$an hour
- Store Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 100 Across Town 30 86 Neighboring City 60 63 Juanita makes $56 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $56 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Suit Total Cost (Dollars) (Dollars per suit) (Dollars) Local Department Store 100 Across Town 86 Neighboring City 632 You run a business selling used hand tools. The rent on your building is $1400/month. Utilities average $600 month. Your average cost to buy your used hand tools from a wholesaler is $9.5/tool. You spend S0.50/tool to package and individually price them. You have two employees in your store during the opening hours that sell the tools. Each employee gets a salary of $12/hour. Your store is open 10 hours/day, every day of the week. Over the course of a year, this averages out to 30 days'month. The average selling price for a used tool is $22. How many tools per month must be sold to make $4000 profit each month.Tsubasa Kajitani can earn $4 million per year as a professional golfer. Suppose she quits golf and opens a sushi restaurant. Rent on the restaurant is$175,000 per year. Her payroll is $200,000, she has utility bills of $30,000 per year and her food and other materials costs is $450,000 per year.Tsubasa's sushi restaurant generates $900,000 in revenue its first year. Tsubasa's economic profit is
- 4. Reid earns $14 per hour and works 44 hours per week. If he does not want to spend more than 30% of his income on rent, what is the maximum monthly rent that he can afford? Assume a 4-pay month.Hours 0 1 23 4 5 Hours 0 1 2 3 4 Quantity of Fish (Pounds) 0 5 10 Complete the following table with the marginal product of each hour spent fishing. Quantity of Fish Marginal Product (Pounds) (Pounds) 19 25 27 28 0 10 19 25 27 28 AAAAA# 13 Aabir, a milk farmer, earns $300k per month in revenue. His monthly costs include Administrative costs $40k, Feed $60k, Equipment & maintance $40k, Labor $70k, Transportation $10k, Miscellaneous $20k. Foregone rent for the land used for the cattle grazing $10k. Value of his son's time that helps on weekends $2k, Owner's salary $ 10k, Aabir's accounting & economic profit respectively are: a.) 60k & 48k b.) 50k & 38k c.) 60k & 38k d.) 38k & 38k
- 1. In 2013, Roma was a schoolteacher and earned $40,000. But she enjoys creating cartoons, so at the beginning of 2014, Roma quit teaching and set to work as a cartoonist. She stopped renting out her basement for $5,000 a year and began to use it as her office. She used $5,000 from her savings account to buy a new computer, and she leased a printer for $150 a year. During 2010, Roma paid $1,250 for paper, utilities, and postage; the bank paid 5 percent a year on savings account balances; and Roma sold $50,000 of cartoons. Normal profit is $3,000 a year. At the end of 2014, Roma was offered $4,000 for her computer. For 2014, calculate Roma's: a. Explicit costs. b. Implicit costs. C. Economic profit.Quacion Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod's shop charges 365 for a repair, and last year the shop performed 4,000 repairs. Jarod's production costs for the year included rent, wages, and equipment, Jarod spent $60,000 on rent and $120.000 on wages for his employees. Jarod keops whatever preft the shop eams but does not pay himself an olle wage Jarod used $25,000 of his savings to buy a machine for the business. His savings a saming an annual interest rate of 6 percent. a. What is Jarod's annual accounting profi? ( b. What is Jarod's annual economic profit? c. Based on what you have found in parts a and b., should Jarod continue running his bike-repair shop or quilt to return to his former job?e Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 102 Across Town 30 88 Neighboring City 60 65 Juanita makes $42 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Suit Total Cost (Dollars) (Dollars per suit) (Dollars) Local Department Store 102 Across Town 88 Neighboring City 65
