Gloria decided to open her own business and earns $50,000 in accounting profit the first year.  When deciding to open her own business, she turned down three separate job offers with annual salaries of $50,000, $60,000, and $70,000.  What is Gloria's economic profit from running her own business?    Question 5 options:   a)  -$75,000   b)  -$20,000   c)  $20,000   d)  none of the above

Q: Quantity Average Fixed Cost Average Total Cost 1 140 2 75 3 60 4 55 5 54 6 20 60 Short run…

A: Diminishing returns to production starts where marginal cost increases with an increase in output,…

Q: Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $175,000 in total…

A: Accounting profit refers to the net  profit which is earned by individual or firm in a period of…

Q: Select the choices where the decision maker is rationally ignorant. An employer is deciding between…

A: The correct answer is given in the second step.

Q: Eleanor is head of the corporation's accounting department.  In an organizational chart she would be…

A: An organizational chart defines the internal position of the employees/people in an organization. It…

Q: Your uncle is thinking about opening a wine bar. He estimates that it would cost $400000 per year to…

A: Total cost = 400000 $ Accounting profit  = TR – TC = 600000  - 400000 = 200000 $ Economic profit =…

Q: Assume that the market supply curve for potatoes is Qs1 = 12 + 0.5P, and that there are two…

A: In any region or state the equilibrium is said to occur when demand is equal to its supply.  Storage…

Q: 4. Ball Bearings, Inc., faces costs of production as follow Quantity Total Fixed Cost Total Variable…

A: given that, total fixed cost and total variable cost we have to find firms profit or loss and was…

Q: Give typing answer with explanation and conclusion If Thomas made an accounting profit of $45,000 in…

A: Accounting profit refers to the financial gain earned by a business after deducting its explicit…

Q: 7. Suppose a Professor leaves his job at a university to open his own consulting firm. As a…

A: According to the given information,  Implicit cost for Professor is $80,000 Explicit cost for…

Q: Bradley Inc. has the capacity to make 100,000 windows. Bradley is currently operating at 80%…

A: As shown below, determining whether Bradley Inc. has enough capacity is done. This is done in order…

Q: Michael runs a small pottery firm. He hires one helper at $14,000 per year, pays annual rent of…

A: Total revenue is the product of price and quantity. Monetary expenses are the explicit cost.…

Q: $9 MC $8 $7 $6 АТС $5 AVC $4 $3 $2 $1 $0 1 2 3 5 Output (Q) In the diagram above, when the firm's…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

Q: Chapter 13: Cost of Production Questions: 1. Which is bigger... accounting profit vs. economic…

A: Total cost is the total cost of production, which includes both fixed and variable costs. Marginal…

Q: Stark Industries' accounting profit for the year ended 31 December 2012 amounted to $3,130 million.…

A: Economic profit refers to the surplus value that a producer earns in addition to the normal level of…

Q: PROBLEM 1 Suppose a single firm has total costs of production given by the equation TC = 49 +59² -…

A: The breakeven price is the price at which total revenue equals total costs, resulting in neither…

Q: Max earns a yearly salary of $120,000 per year from his job and $1,000 per year in interest on his…

A: Max's salary from job = $120,000 per yearInterest on savings = $1000If he starts a company, then…

Q: that the fixed costs are $5780 per week and the cost of producing each set of clubs is $73.00. Each…

A:

Q: A company has the following output and total costs. It can sell each Calculate the average and…

A: marginal cost is the additional cost incurred in order to produce an additional unit of output.

Q: Refer to the cost table below and answer two questions about profit. Instructions: If you are…

A: The profit is the difference between the total revenue and total cost. In the perfectly competitive…

Q: Explain the difference between accounting and economic profit. Give two examples of when they…

A: Accounting profit means that profit which is earned after the explicit costs are deducted from…

Q: Choose a current news item about a company enduring a difficult situation such as layoffs,…

A: Two incredible powers are transforming the very nature of work: robotization and ever fiercer…

Q: Our firm’s accountants have put together the following table of costs.   Generators Solar Panels…

A: Generators business: Fixed cost=$2 million Variable cost=$2 million Revenue=$3 million Solar panels:…

Q: QUESTION 1 Match each of the following terms and descriptions Accounting Profit A. total revenue…

A: 1. Accounting Profit: It is the difference between revenue and cost. The cost includes only explicit…

Q: ABC is a small business producing instructional modules for disabled children in public schools. The…

A: Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

Q: Average Total Cost

A: The per unit total cost is depicted by average total cost (ATC). The formula is given by: ATC=TCQor,…

Q: Jason owns a small pizza restaurant, where he works full time in the kitchen. His total revenue last…

A: Explicit costs is the monetary expenses on raw material , wages , etc  Implicit costs are the…

Q: Consider the concepts of accounting profit and economic profit.  Suppose you are a consultant and…

A: Profit is the surplus value that is generated in a process of production, which usually accrues to…

Q: Subject: Business Economics Q7) Complete the table and show your calculations.…

A: Q7. Formulae for calculation are as follows : TC = TVC + TFC ATC = TC/Q AVC = TVC/Q AFC = TFC/Q MC =…

Q: endy decides to open her own business and earns 70,000 in accounting profit the first year. When…

A: The measure that depicts expenses that are incurred by a business for carrying out its day-to-day…

Q: 1.5) You use RM50,000 of your own money to start an espresso stand. During the first year you earn a…

A: Given: Amount = 50,000

Q: 8.1 The fixed costs at Harley Motors are $1M annually. The main product has revenue of $9.90 per…

A: c. ‘Harley motors have annual fixed charge which is adequate to $1 million. the most…

Q: 11. Madibaz is a company that produces t-shirts. The firm operates in a highly competitive, industry…

A: here we calculate the Madlibaz total profit by using the given information which are as follow-

Q: INSTRUCTION: Give one example of a technopreneur, describe his/her business, and then explain what…

A: According to their areas of interest, different sorts of entrepreneurs operate their firms in…

Q: medium of exchange unless it also serves as a store of value. Is this statement t

A: The money is used as the medium of exchange and store of value. Money is used as unit of account as…

Q: You plan to open your own hamburger shop. After doing some research and planning, you have created…

A: Fixed cost is independent of output produced.  Marginal cost is the additional cost incurred in…

Q: Anthony quit his job where he was earning an annual salary of $48,000 to open his own business.…

A: Explicit costs are the expenditures incurred by an individual or a business out of its own pockets.…

Q: (2 of 2) Steve's Best Company has the following ABC costing information: Activities Total Costs…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: The firm with total revenues of a 100 million explicit cost of 90 million and implicit cost of 20…

A: Accounting Profit is the difference between total revenue earned by firm and the explicit costs.…

Q: The following graph shows the total costs of a company that sells its product for $12.5/pc. Graphic…

A: The income of the firm comes from selling their product. It is calculated by multiplying the price…

Q: Suhail decided to leave his job that paid him a salary of OMR 35,000 to start a Café. For this…

A: Total revenue (TR) is the total receipts collected from the sale of goods or services in the market.…

Q: Rob quit his $4,000/month coffee shop position and started an ice-cream business. Rob does not get…

A: It can be defined as a concept of economics that shows the cost of what an individual, organization,…

Q: However, Charles's decision regarding how many workers to use can vary from week to week because his…

A: Given information: Charles's Performance Pizza is a small restaurant in San Diego that sells…

Q: Question 1 Output (Q) Total Fixed Cost (TFC) Total Variable cost (TVC) 0 100…

A: Marginal cost is the the cost incurred when an additional unit of input is hired. Mathematically, it…