Last year, Jarod left a job that pays $60,000 to run his own bike repair shop. Jarod's shop charges $65 for a repair, and last year the shop performed 4,000 repalrs, Jarod's production costs for the year included rent, wages, and equipment. Jarod spent $50,000 on rent and $120,000 on wages for his employees. Jarod keeps whatever profit the shop earns but does not pay himself an official wage Jarod used $25,000 of his savings to buy a machine for the business. His savings were earning an annual interest rate of 6 percent. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in tront of those numbers. a. What is Jarod's annual accounting profit? $ 88500 O b-What is Jarod's annual economic profit? $ 28500 O

Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if alternatively invested. He has been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,000 per year. Total annual revenue from pottery sales is $72,000. Calculate the accounting profit and the economic profit for Gomez's pottery firm. a. Accounting profit $ b. Economic profit $

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Julius builds dining chairs that he sells for $200 a chair. His fixed costs are $1,000 (for workshop equipment). Each chair costs him $50 in materials to produce plus an extra $25 for each previous chair made that day, which reflects Julius's increasing exhaustion. (Thus, the first chair cost $50, the second costs $75, the third cost $100, etc.) Assume time requirements in producing a chair are not a factor. How many chairs should Julius produce each day?

Suppose that Maria is starting a food ordering and delivery company. Customers order meals online. Employees prepare the meals and deliver them to customers. Maintenance of the online platform for ordering meals costs the company $5 per day. The company also rents space where orders are prepared. Rent costs $50 per day. To make the deliveries, the business also rents two delivery cars that cost $10 each per day. The costs of ingredients for preparing different numbers of meals are provided in the table below. Maria also has to hire between 0 and 10 workers (depending on the number of meals she chooses to make) to buy ingredients, prepare meals, and deliver the orders. She will pay each employee $120 per day. The first two columns of the table below show how many meals different number of workers can prepare and deliver. Price per meal $50 Workers (Labor L) 0 1 2 3 4 5 6 7 8 9 10 Meals (Output Q) ol- 30 42 52 60 67 73 79 85 90 95 MPL FC Cost of ingredients $10 $75 $100 $121 $138 $152…

5- Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if alternatively invested. He has been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,000 per year. Total annual revenue from pottery sales is $72,000. Calculate the accounting profit and the economic profit for Gomez's pottery firm.

Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one more worker, the firm’s total monthly revenue will increase from $50,000 to $62,000. If he adds one more tractor, monthly revenue will increase from $50,000 to $58,000. Each additional worker costs $4,000 per month, while an additional tractor would also cost $4,000 per month.   Instructions: Enter your answers as a whole number.   a. What is the marginal revenue product of labor?        $         The marginal revenue product of capital?        $    b. What is the ratio of the marginal revenue product of labor to the price of labor (MRPL/PL)? :      What is the ratio of the marginal revenue product of capital to the price of capital (MRPC/PC)? :

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Barney decides to quit his job as a corporate accountant, which pays $12,000 a month, and goes into business for himself as a certified public accountant.  He runs his business from his converted garage apartment, which he could rent out for $315 a month if he wasn’t using it as a home office. He must purchase office supplies worth $85 a month, and his monthly electricity bill has increased by $40 now that he is working out of his home office.  After six months of working from home, Barney has earned an average of $17,000 per month.   Instructions: Enter your answers as a whole number.   a. What are Barney’s monthly explicit costs?        $     b. What are Barney’s monthly implicit costs?        $     c. What are Barney’s monthly economic costs?        $

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.)