Sh 12 Economics Question 15Table Cost.1.2:Loan #1 =Loan #2 =$78,800Owner's Last Job Wage = $42,000Labor ==$10,000Ingredients =$40,000Rents =$5,000Total Revenue =$200,000According to information in Table Cost. 1.2, accounting profits is aboutNo answer text provided.$78,400InterestRates$25,000 2.40%$40,000 2.50%No answer text provided.Amount

Cost and economics are two closely connected ideas that have become critical to the comprehension of…

Question 15 Table Cost. 1.2: Ingredients = Rents= Total Revenue = Loan #1 = Loan #2 = Owner's Last Job Wage = $42,000 Labor= $10,000 $40,000 $5,000 $200,000 According to information in Table Cost. 1.2, accounting profits is about. 000 $78,800 No answer text provided. $78,400 Interest Rates $25,000 2.40% $40,000 2.50% No answer text provided. Amount

Question 15 Table Cost. 1.2: Ingredients = Rents= Total Revenue = Loan #1 = Loan #2 = Owner's Last Job Wage = $42,000 Labor= $10,000 $40,000 $5,000 $200,000 According to information in Table Cost. 1.2, accounting profits is about. 000 $78,800 No answer text provided. $78,400 Interest Rates $25,000 2.40% $40,000 2.50% No answer text provided. Amount

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 9RQ: What are explicit and implicit costs?

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What are explicit and implicit costs?
Table Cost.1.2: Loan #1 - Loan #2 - Interest Rates $25,000 2.00% $40,000 2.50% Owner's Last Job Wage- $36.000 Labor- $8,000 $40,000 $5,000 $200,000 O No answer text provided. O No answer text provided. Amount Ingredients Rents- Total Revenue - According to information in Table Cost 1.2, accounting profits is about O $80,500 O $81.500
Production costs of books are presented in the table below. Labor Quantity Fixed Cost Variable Cost Total Cost MarginalCost AverageTotal Cost 0 0 $80 $0 $80 1 10 $80 $30 $110 2 26 $80 $60 $140 3 46 $80 $90 $170 4 65 $80 $120 $200 5 78 $80 $150 $230 Using the table above, find out the marginal cost of the 46th book produced, in dollars.
2 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.
4-2 Game Day Shuttle Service You run a game day shuttle service for parking services for the local ball club. Your costs for different customer loads are 1: $30, 2: $32, 3: $35, 4: $38, 5: $42, 6: $48, 7: $57, and 8: $68. What are your MCs for each customer load level? What is the AC? If you are compensated $10 per ride, what customer load would you want?
Table Cost.1.2: Amount Interest Rates Loan #1 = $25,000 2.40% Loan #2 = $40,000 Owner's Last Job Wage = $42,000 2.50% %3D Labor = $10,000 Ingredients = $40,000 Rents = $5,000 Total Revenue = $200,000 According to information in Table Cost.1.2, accounting profits is about O $78,400 O No answer text provided. O No answer text provided. O $78.800
The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?
You are currently in a job as a chef in a restaurant earning $100,000 per year. You are considering opening up a restaurant in a building which you currently own. You estimate that, if you wanted to, you could rent out your building for $25,000 per year to another restaurant. Last year, your revenues and expenses from the restaurant were the following: Revenues $400,000Cost of Food $120,000Salaries/Wages $100,000Utilities $25,000Taxes $20,000 What is your accounting profit? Show your calculations What is your economic profit? Show your calculations Assuming that you are indifferent between being a chef or owning a restaurant, should you open up your restaurant? Explain why. Now suppose that instead of owning the building where your restaurant will be located, you had to pay rent of $25,000 per year for the building. Will your answers to parts 1-3 change? Show your calculations. Explain how and why your answers will change or…
1. Direct laborrate: $15.00perhour Production material: $375 per 100 items Factory overhead: 125% of direct labor Packing costs: 75%ofdirectlabor Desiredproﬁt: 20%oftotalmanufacturing cost use the above information to answer how many units must be sold to achieve a proﬁt of $25,000? [Note that the units sold must account for total production costs (direct and overhead) plus desired proﬁt. 2. A small textile plant was constructed in 2004. The major equipment, costs, and factors are shown below. Estimate the cost to build a new plant in 2014 if the index for this type of equipment has increased at an average rate of 12% per year for the past 10 years. Show work and Select the closest answer. a) $4,618,000 b) $10,623,000 c) $14,342,000 d) $ 14,891,000
A fruit stand owner rents a stall at the market for $255$⁢255. Each month, the owner spends $295$⁢295 for an accountant’s services and $695$⁢695 on fresh fruit. The fruit stand sells 135135 kilograms of fruit monthly at a price of $8$⁢8 per kilogram. Step 1 of 2: Calculate the fruit stand’s profit or loss. Write the exact answer; do not round. Use a minus sign to show losses if necessary.
Interest Table Cost.1.2: Amount Rates Loan #1 = $25,000 2.00% Loan #2 = $40,000 Owner's Last Job Wage $36,000 2.50% Labor= $8,000 Ingredients = $40,000 Rents $5,000 Total Revenue = $200,000 According to information in Table Cost. 1.2, accounting profits is about O $80.500 O No answer text provided. OS81.500 ONo answer text provided.
5d What is the relationship between accounting profit and economic profit? Which is relevant for a firm’s decision to continue production and why? Give examples as to what may cause a divergence between accounting and economic profit