B4.i Last year, JJ left a job that pays $60,000 to run his own bike-repair shop. J's shop charges $65 for a repair and last year the shop performed 3000 repairs. J's production costs for the year included rent, wages and equipment. J spent $50 000 on rent and $100 000 on wages for his employees. JJ keeps whatever profit the shop earns but does not pay himself an official wage. JJ borrowed $20 000 for the shop's equipment at an annual interest rate of 5 per cent.

B4.i Last year, JJ left a job that pays $60,000 to run his own bike-repair shop. J's shop charges $65 for a repair and last year the shop performed 3000 repairs. J's production costs for the year included rent, wages and equipment. J spent $50 000 on rent and $100 000 on wages for his employees. JJ keeps whatever profit the shop earns but does not pay himself an official wage. JJ borrowed $20 000 for the shop's equipment at an annual interest rate of 5 per cent.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 4SCQ: Edna is living in a retirement home where home where most of her needs are taken care of, but she...

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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?
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so search Store Local Shoe Store Different Neighborhood in Town Rural Outlet Travel Time Each Way (Minutes) 15 30 60 Price of a Sandals (Dollars per sandals) 132 96 88 Ciana earns an hourly wage of $60 at her job. In order to purchase her sandals she will have to take time off work, so each hour away from her job costs her 500 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the sandals, such as Store Local Shoe Store Different Neighborhood in Town Rural Outlet Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location. Opportunity Cost of Time. (Dollars) Price of a Sandals (Dollars per sandals) 132 96 68 Total Cost (Dollars) Assume that Ciana considers both her opportunity costs and the price of sandals when…
5. Last year, Jarod left a job that pays $60,000 to run his own bike-repair shop. Jarod's shop charges $65 for a repair, and last year the shop performed 3,000 repairs. Jarod's production costs for the year included rent, wages, and equipment. Jarod spent $50,000 on rent and $100,000 on wages for his employees. Jarod keeps whatever profit the shop earns, but does not pay himself an official wage. Jarod used $20,000 of his savings to buy a machine for the inimo business. His savings were earning an annual interest rate of 5 percent. a. What is Jarod's annual accounting profit? 7 2hes you'l awoda woled surgit odTasoda zozotontuner TRW001 vone T un node odi ni esvus todel to touborq sovs bus todel to souborg lanigrama b. What is Jarod's annual economic profit? to vy (tout
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4 Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod's shop charges $65 for a repair, and last year the shop performed 5,000 repairs. Jarod's production costs for the year included rent, wages, and equipment. Jarod spent $60,000 on rent and $100,000 on wages for his employees. Jarod keeps whatever profit the shop earns, but does not pay himself an official wage. Jarod borrowed $30,000 for the shop's equipment at an annual interest rate of 4 percent. Instructions: Round your answers to the nearest dollar and include a negative sign if appropriate. a. What is Jarod's accounting profit? Skipped $ b. What is Jarod's economic profit? $ il 4 Save
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Mika eams $340 per week which she spends entirely at the grocery store. purchasing either food or akohol The price of food is $1Aunit, while the price of alcohal is $4/unit. IT Mika receives an additional S65/week in todd stamas thut can be used to buy anyttiog at the grocery store so, this money could be used to buy food and alcoho what is the etical coortinate of the vertical tercept of Mika's budget constraint if she were to graph quantity of food on the horizental as and quantity of alcohol on the vertical aist (Note The amwermay not be a whole number, so round to the nearest hundredth
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