Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely. In 2019 Luis taught music and earned $35,000.On January 1, 2020, he quit teaching and started a Web site design business.Use the question facts to calculate Luis's opportunity cost of production andeconomic profit in the first year.Luis's opportunity cost of production in 2020 isO A. $94,000O B. $91,660O C. $94,160O D. $6,500Luis's economic profit in the first year isOA. $-44,160OB. $-41,660O C. $47,500O D. $50,000Question Facts1. Luis stopped renting out his basement for$5,000 a year and used it as his business officeinstead.2.He paid $1,500 for the lease of a Web serverand $1,000 for high-speed Internet service.3.He earned interest at 4 percent a year on his savingsaccount balance.He took $4,000 from his savings account to buy acomputer.4. At the end of 2020, Luis could have sold hiscomputer for $2,500.5. He received a total revenue of $50,000 from hisWeb site design business.6. Normal profit is $50,000 a year.

Economic profit is a concept used in economics to measure the profitability of a business or…

In 2019 Luis taught music and earned $35,000. On January 1, 2020, he quit teaching and started a Web site design business. Use the question facts to calculate Luis's opportunity cost of production and economic profit in the first year. Luis's opportunity cost of production in 2020 is O A. $94,000 O B. $91,660 O C. $94,160 O D. $6,500 Luis's economic profit in the first year is O A. $-44,160 OB. $-41,660 OC. $47,500 $50.000 Question Facts 1. Luis stopped renting out his basement for $5,000 a year and used it as his business office instead. 2. He paid $1,500 for the lease of a Web server and $1,000 for high-speed Internet service. 3. He earned interest at 4 percent a year on his savings account balance. He took $4,000 from his savings account to buy a computer. 4. At the end of 2020, Luis could have sold his computer for $2,500. 5. He received a total revenue of $50,000 from his Web site design business. 6. Normal profit is $50,000 a year.

In 2019 Luis taught music and earned $35,000. On January 1, 2020, he quit teaching and started a Web site design business. Use the question facts to calculate Luis's opportunity cost of production and economic profit in the first year. Luis's opportunity cost of production in 2020 is O A. $94,000 O B. $91,660 O C. $94,160 O D. $6,500 Luis's economic profit in the first year is O A. $-44,160 OB. $-41,660 OC. $47,500 $50.000 Question Facts 1. Luis stopped renting out his basement for $5,000 a year and used it as his business office instead. 2. He paid $1,500 for the lease of a Web server and $1,000 for high-speed Internet service. 3. He earned interest at 4 percent a year on his savings account balance. He took $4,000 from his savings account to buy a computer. 4. At the end of 2020, Luis could have sold his computer for $2,500. 5. He received a total revenue of $50,000 from his Web site design business. 6. Normal profit is $50,000 a year.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Cross-Rates 1€=$1.75, 1$=£1.75 Is there an arbitrage opportunity if €=£1? Yes No
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Revenue and Costs ($) TC P61 Given TFC = $40.00 Q1 = 30.00 Q2 = 40.00 TR P6 P5 Q3 = 50.00 Q4 = 80.00 Q5 = 86.00 P4. P1 = $40.00 P2 = $50.00 P3 = $60.0o P4 = $150.00 P5 = $200.00 P6 = $210.00 P61 = $320.00 P3 P2 P1 Q1 Q2 Q4 Q5 Q3 Exhibit TR-TC Output (Q) Refer to Exhibit TR-TC for a typical competitive firm. At an output level of Q5, the firm's losses is about O $100.00 O $90.00 O $110.00 O $120.00
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