Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year. Christine's opportunity cost of working as a consultant last year was ________. A) $36,000 B) $15,000 C) $40,000 D) $51,000

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Can I answer all of the questions with the data provided in the table? If so what would a,b, and c be?

From the following data Total orders (Q) 8 13 18 21 26 O Q=L+4K O Q = 3L + 5K O Q = 3L + 3K # of workers (L) O Q = 8LK 1 1 1 2 Which is the correct corresponding production function? NIN 2 # of machines (K) 1 2 3 3 4

1. Suppose your current job pays you $300,000 a year. However, you are considering starting your own company. Based upon your research, you estimate your first year total revenue to be $7,500,000. There are however several costs of running the company during this first year, such as the cost of materials which will equal $2,750,000, employees who will receive in total $1,500,000, utilities which will cost $1,200,000, and rent that will be paid to the landlord that equals $1,800,000. Based on this information, solve for both your accounting profit and economic profit during this first year. Also, based upon these profit values, state whether you are better off starting this company or staying in your current job.

A firm can use three different production technologies, with capital and labor requirements at each level of output as follows: Technology 1 Technology 2 Technology 3 Daily Output 100 150 200 250 K 6 6 7 8 L 10 13 14 16 K 7 789 L 8 10 11 13 K 8 8 9 10 L 7 8 9 11 Suppose the firm is operating in a high-wage country, where capital cost is $110 per unit per day and labor cost is $90 per worker per day. For each level of output, which technology is cheapest? At 100 units of output, is the least expensive.

18

Imagine a very talented young person who has just graduated from high school and has been offered a 4-year contract worth ten million dollars to play professional basketball for the LA Bakers, and has also received an offer of acceptance to UCLA with full fellowship. The fellowship covers her tuition, room, and board, along with a generous monthly stipend of 2500 dollars for living expenses for 4+1 years. Which of the following is true for this scenario? ( Remember: the cost of something is what you give up to get it!)A) The cost of the four years of college education for this person is very high, in the range of millions of dollars.B) The cost of the four-years of college education for this person is almost zero because of the generous fellowship and financial aid package she has received.C) The cost of the four years of college education for this is person is the sum of the tuition, room, and board expenses, plus the monthly stipend of 2500 dollars for 4 years.D) The rational choice…

Michael runs a small pottery firm. He hires one helper at $14,000 per year, pays annual rent of $8,000 for his shop, and spends $24,000 per year on materials. He has $50,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $7,500 per year if alternatively invested. He has been offered $35,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $4,000 per year. Total annual revenue from pottery sales is $75,000. Michael's accounting profit is $. (Enter your response rounded to the nearest dollar and include a negative sign if necessary.)

How would the answer change if w = 5. (see image attached)