CHAPTER 6 GROUP PROJECT-Philip Selin

Until recently, Mark worked as a financial advisor, earning $65,000 annually. Then he inherited a piece of commercial real estate that had been renting for $14,000 annually. Mark decided to leave his job and operate a sea food restaurant in the space he inherited. At the end of the first year, his books showed total revenues of $300,000, and paid a total cost of $200,000 for food, utilities, cooks, and other supplies: Show all your work including formulas learned to support your answer for each of the following:    A) Calculate his explicit costs:    B) Calculate his implicit costs.    C) Calculate his accounting profits.    D) Calculate his economic profits.

Use the accompanying graph to answer the following questions. Assume the company makes 83,000 parts per month of Product A and 39,000 parts per month of Product B. Click the icon to view the provided graph. (a) Which Product has the higher variable cost, and what is this value in units of dollars per part? Product B has the higher variable cost. This value is $.50 /part. (Type an integer or a decimal. Round y (b) Which Product has the higher selling price, and what is this value in units of dollars per part? Product B has the higher selling price. This value is $ 1.69 /part. (Type an integer or a decimal. Round (c) Which Product has the faster breakeven time, and what is this value in units of months? Product B has the faster breakeven time. This value is 22 month(s). (Type a whole number.) (d) At 6 years, which Product makes more profit and what is this value in units of dollars? At 6 years Product A makes more profit. This value is $4,850,000. (Type a whole number.) k my instructor…

We have the results from our first Facebook ad campaign. The following table summarizes the results broken down by age and whether the person seeing the add clicked through. Age 40 or under 85 Age more than 40 65 Total Clicked Through 150 Did Not Click 590 260 850 Total 675 325 1000 For our up(combing) (pun intended) campaign, I want to make it as effective as possible, a cut above all other ad campaigns! I'm thinking that since 85 (or 56.7%) of the 150 people who clicked through to our website are age 40 or less, we should focus our ads to only younger people. I'm not great with number though, and since I know you had a stats class in college, I wanted to get your opinion. Should we focus our adds only to those age 40 and under or should we do something else?

Direction: Read the situation below. The complete the task that follows. You have got a rice store in your home. According to the news, Typhoon Ondoy will bring heavy rain to almost every part of Southern Luzon, including your location. At first, the rain seemed normal, but it's just not going to stop. There are fewer customers right now. With this rain, there may not be any more customers soon. It might flood in a bit, but if you close the store, you're not going to be able to feed your three children. So, you've decided not to close the store. There's news from your neighbors that your residence is already overflowing, and in a few minutes your store and the rest of the community will be flooded. Your family has been instructed by barangay officials to evacuate the public elementary school in the vicinity of School. Your family has been instructed by the Barangay officials to evacuate to a public elementary school located in your municipality. 1. Identify all the elements exposed to…

Megan used to work at the local pizzeria for $17,000 per year but quit in order to start her own deli. Last year, she paid $4,000 rent each month, $4,500 for employee payroll each month, and $1,500 for supplies each month. She was planning on selling $2,500 worth of furniture but ended up bringing the furniture to her new deli. She had total revenue of $150,000. She asked an accountant and an economist to calculate her annual costs. Accountant says cost is $120,000, and economist says her cost is $139,500. Accountant says cost is $139,500, and economist says her cost is $120,000. Accountant says cost is $10,000, and economist says her cost is $29,500. Accountant says cost is $30,000, and economist says her cost is $10,500.

Text Problem 22-6 Question Help The cost structure of a manufacturer of microchips is described in the table shown below. The firm's fixed costs equal $10,000 per day. Calculate the average variable cost, average fixed cost, and average total cost at each output level. (Your answers should be rounded to the nearest cent.) Average Fixed Cost ($) Average Total Cost ($) Total Cost of Output (microchips per day) Average Variable Cost ($) Output $10,000 30,000 60,000 55,000 95.000 80,000 150.000 105,000 220,000 130,000 325,000 155.000 465.000

Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does shows at birthday parties. His clown car and costumes cost $7,000 and he did a lot of shows in the past year, making $13,000 in revenue but paying $2,000 in variable costs for balloons, gas, etc. Marty asked an accountant and an economist to calculate his profit. What did they report?

Manisha could work for another firm making $10,000 per month, but she decides to open her own gourmet cheese store and pay herself $2,000 per month. In her first month of operations, she spends $6,000 on cheese, $1,000 on other items, and $2,500 on rent. She had a great opening month, and brought in revenues of $14,500. According to her accountant, what are Manisha's profits?

Our firm’s accountants have put together the following table of costs.   Generators Solar Panels Fixed Costs $2 million $2 million Variable Costs $2 million $2 million Revenue $3 million $5 million The accountants have assured us that there are no places to save money. We are at our profit maximizing quantities of each product. We are as efficient as any firm could possibly be. In answering the questions below, do not just say lower costs or increase sales. Explain all your answers. If you cannot explain why you are taking an action, then you are just guessing. How is this firm doing as a whole? How profitable are the two products individually?  What would you recommend this firm do in the short run?  What about the long run?

The cost structure of a manufacturer of microchips is described in the table shown below. The firm's fixed costs equal $10,000 per day. Calculate the average variable cost, average fixed cost, and average total cost at each output level. (Your answers should be rounded to the nearest cent.) Output (microchips per day) Average Total Cost ($) Total Cost of Average Variable Cost ($) Average Fixed Cost ($) Output $10,000 20,000 60,000 45,000 95,000 70.000 150.000 95,000 220.000 120,000 325.000 145.000 465,000

ces aw 1 Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. (Hint: Determine the total fixed cost first.) Instructions: Enter your answers rounded to two decimal places. Output 0 1 2 3 4 5 Average Fixed Cost $5.00 $1.67 $1.25 $1.00 Total Variable Cost $9.65 $18.62 $34.55 $41.55 Average Total Cost $11.81 $10.64 $9.89 $9.31

Give correct typing answer with explanation

QUESTION 5 The housing director for the City of Coho, WA is working on a new affordable housing project. The Fixed Costs are $ 300,000 for the project, and Variable Costs are $ 250 each time a family moves into an apartment at the facility. The Coho project now has 2, 500 move-ins per year. A new federal government subsidy would pay $ 300 for each of 500 move - ins if the project expand to 3,000 units. Should Coho take the additional tenants? Why or why not?

The table below represents the costs of producing sneakers. Quantity 10 17 24 31 38 Fixed Cost $112 $112 $112 $112 $112 Variable Cost $15 $40 $65 $90 $115 Total Cost $127 $152 $177 $202 $227 Provide your answer below: Average Fixed Cost ? ? ? ? ? Average Variable Cost ? ? ? ? ? Find the average fixed cost for producing 31 sneakers. Round your answer to the nearest cent. Average Total Cost ? ? ? ? ?

The cost structure of a manufacturer of microchips is described in the table shown below.   The​ firm's fixed costs equal ​$15​,000 per day. Calculate the average variable cost​, average fixed cost​, and average total cost at each output level. (Your answers should be rounded to the nearest cent.​) Output ​(microchips per​ day) Total Cost of Output Average Variable Cost​ ($) Average Fixed Cost​ ($) Average Total Cost​ ($) 0 ​$15​,000  − − − 25​,000 65​,000       50​,000 100​,000       75​,000 155​,000       100​,000 225​,000       125​,000 330​,000       150​,000 470​,000

Research an instance of an actual firm that has been engaged in cost-cutting measures. What actions specifically are being taken and considered? Has the cost-cutting been effective? Cite the source of your information.

Dexter set up a computer repair business out of his home office. Based on the square footage of his office, he allocates a fixed cost of $400 per month in mortgage expenses. He also has a monthly internet bill of $45 and a monthly phone bill of $35. While repairs vary greatly, Dexter estimates an average of $19 in expenses per repair and charges a flat $49 fee per repair for his labor.                      3a. How many computers does Dexter need to repair each month to break even?__________3b. What is Dexter’s profit / loss if he only repairs 8 computers in a month?__________3c. What fee would Dexter need to charge to break even at 8 repairs?

Company ZAP operates in car industry. When ZAP operates at full capacity (10.000 cars/month), economies of scale is reached, and cost/car is minimum. However, due to an economic crisis, the sales of ZAP decreased to 6.000 cars/month. Economic forecasts show that the crises will continue for 2-3 years more. a) As the manager of ZAP what would you do to adjust scale? Why? b) After 3 years if the demand for your cars starts to increase how would you react? Explain.

Your cousin Vinnie owns a painting company with fixed costs of $250 and the following schedule for variable costs: Quantity (Houses Painted per Month) 1 2 3 4 5 6 7 The efficient scale is Variable Cost (Dollars) 8 20 50 160 houses. 320 500 720 Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars)

Total Cost Marginal Cost (Dollars) Average Variable Cost (Dollars per pair) Fixed Cost Variable Cost Average Total Cost (Dollars per pair) Quantity (Pairs) (Dollars) (Dollars) (Dollars) 120 80 1 200 40 2 240 45 3 285 55 4 340 85 425 115 6 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $80, so you should start your MC curve by placing an orange square at (0.5, 80).) Note: Plot your points in the order in which you would like them…

Joe quits his computer programming job, where he was earning a salary of $70,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $20,000 per year. In his first year of business he has the following expenses: salary paid to himself, $45,000; rent, $0; and other expenses, $40,000. Find the accounting cost and the economic cost associated with Joe's computer software business. (Enter numeric responses using an integer.) The accounting cost of Joe's business is $ (Enter your response as an integer.) es Get more help Clear all Check answer

The following costs are for Optical View Incorporated, a contact lens manufacturer:   Output in Units  Fixed Costs Variable Costs Total Costs 250 $ 4,750 $ 7,500 $ 12,250 300 4,750 9,000 13,750 350 4,750 10,500 15,250 400 4,750 12,000 16,750 Calculate and graph total costs, total variable cost, and total fixed cost. (Use the line tool to draw the total costs, total variable cost, and total fixed cost. To complete the graph, click on a cost item and then click the graph to bring up data coordinates. Enter the exact data coordinates for each cost item. Save each cost item and move to the next.)

A factory currently manufactures and sells 800 boats per year. Each boat costs $5,000 to produce. $4,000 of the per-boat costs are for materials and other variable costs, while the per-boat fixed costs (incurred on yearly rent, administrative, and other fixed costs) are $1,000. If boat orders increase to 1000 boats per year, how do per-unit costs change? 1) Variable costs fall to $3,200 per boat and fixed costs fall to $800 per boat 2) Variable costs are unchanged at $4,000 per boat and fixed costs fall to $800 per boat 3) Variable costs are unchanged at $4,000 per boat and fixed costs are unchanged at $1,000 per boat 4) Variable costs rise to $5,000 per boat and fixed costs are unchanged at $1,000 per boat

A book that sounds just perfect for me, Kate Raworth’'s Doughnut Economics available on Amazon for $28.35 for the hardback and $15.04 for paperback. From the publisher’s perspective, the difference in the cost between each version of the book seems negligible; it may cost a little bit more to produce the hard cover, but certainly not twice as much. Hardback versions usually also get published a few months before paperback versions are published. How do you explain the different prices for essentially the same product, given that the cost to the publisher of providing each type of book is basically the same?   Amazon also offers the Kindle digital e-book version for $11.87. The cost to Amazon to produce a new “copy” for the next consumer is virtually nothing; just the sending of some data to the customer’s device. Why is Amazon able to charge $11.87 when its cost is basically zero and the market for books is likely very competitive?

The table below shows the monthly cost of producing vintage model cars for collectors. Instructions: Enter your answers as a whole number. Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below. Vintage Model Car Production Costs Output 0 100 200 300 400 Total Fixed Cost (dollars) $3,000 3000 3000 3000 3000 Total Variable Cost (dollars) 1,200 1,700 3,700 III Total Cost (dollars) $3,000 5,700

Alejandro is one of the leading ceramic vase producers in the country. His total costs (TC) amount to $5,000, total fixed costs (TFC) are $2,000, and average total costs (ATC) are $200. Based on the given information, Alejandro produces how many ceramic vases?

Table 13-11 Teacher's Helper is a small company that has a subcontract to produce instructional materials for disabled children in public school districts. The owner rents several small rooms in an office building in the suburbs for $600 a month and has leased computer equipment that costs $480 a month. Output (Instructional Average Average Average Modules Fixed Variable Total Fixed Variable Total Marginal per Month) Costs Costs Cost Cost Cost Cost Cost $1,080 $1,080 $ 400 $1,480 1 $400 $965 $450 $1,350 $2,430 $1,900 $2,500 3 4 $475 5 $216 6 $4,280 $700 $4,100 $5,400 $7,300 7 8 $135 9 10 $10,880 $980 Refer to Table 13-11. One month, Teacher's Helper produced 18 instructional modules. What was the average fixed cost for that month? $811 $108 $60 It can't be determined from the information given. 2.

Ball Bearings, Inc., faces costs of production as follows: Quantity Total Fixed Costs Total Variable Costs (Dollars) (Dollars) 0 180 0 1 180 80 2 180 140 3 180 180 4 180 240 5 180 320 6 180 450   the following table by calculating the company's total cost, marginal cost, average fixed cost, average variable cost, and average total cost at each level of production. Quantity Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 0             1                    2                    3                    4                    5                    6                      The price of a case of ball bearings is $80. Seeing that he can't make a profit, the company's chief executive officer (CEO) decides to shut down operations. The firm's profit in this case is   . (Note: If the firm…

Jason owns a small pizza restaurant, where he works full time in the kitchen. His total revenue last year was $136,000, and his rent was $2,610 per month. He pays his one employee $2,200 per month, and the cost of ingredients and overhead averages $960 per month. Jason could earn $32,600 per year as manager of al competing pizza restaurant nearby. What's Jason's accounting profit for the entire year? Your Answer: Answer