Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
20th Edition
ISBN: 9780078021756
Author: McConnell, Campbell R.; Brue, Stanley L.; Flynn Dr., Sean Masaki
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 3P
To determine
The profit of the bread production.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job
and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out-
of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and
$3,000 per year for equipment.
Please enter your answers as whole numbers with no decimal places (ie. 5000 or $5000 not 5000.00
or "Five thousand dollars"). If you want to enter a negative number use a negative sign "-" and do not
use parenthesis (ie. -2000 or -$2000 not (2000) or (-$2000)).
What is Pat's accounting profit?
What is Pat's economic profit?
Did Pat make the right decision by becoming a personal trainer? (Yes or No)
The 8th graders are volunteering to make and sell organic pesticides, called Sweet4Bees, that will protect
plants in local gardens without harming bees. The teens also plan to donate some of their product to
local nursing homes to use in their gardens. Jade is so excited! She's already started a business log in her
notebook, including a graph with a break-even point of 34 bottles sold.
Suppose all Jade's notes become true. What is the club's overall profit per ounce of pesticide solution,
when 26 bottles have been donated to the nursing homes? Round to the nearest cent.
Sweet4Bees Business Log
Sweet4Bees!
Production Expenses: $1.45 (empty bottle),
$0.05 (label), cost of ingredients (not sure right
now, I'll call it $m)
Taxes & Fees: none!
Sales
Selling Cost: $9.72/bottle
Start-Up Expenses: $65.88
Expenses
(high-speed mixer), $55 (pans),
$26 (kitchenware)
• Each bottle holds 12 oz of pesticide
concentrate.* Directions for preparing
solution: Mix 7 parts water to 1 part
Sweet4Bees…
1.5) You use RM50,000 of your own money to start an espresso
stand. During the first year you earn a 10% return on that
investment. If the current interest rate on savings is 8%, you earn
an economic profit of
Working Calculation:
Chapter 2 Solutions
Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
Ch. 2.2 - Prob. 1QQCh. 2.2 - Prob. 2QQCh. 2.2 - Prob. 3QQCh. 2.2 - Prob. 4QQCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQ
Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 1PCh. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4P
Knowledge Booster
Similar questions
- 1.4) You use RM40,000 of your own money to start a catering business. During the first year you earn a 5% return on that investment. If the current interest rate on savings is 8%, you earn an economic profit of Working Calculation:arrow_forwardJaynet spends $30,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm—one offer was for $110,000 per year and the other was for $80,000. However, she turned both jobs down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 each What are her accounting profits? What are her economic profits? Suppose the total benefit derived from a continuous decision, Q, is B(Q) = 20Q − 2Q2and the corresponding total cost is C(Q) = 4 + 2Q2, so that MB(Q) = 20 − 4Q and MC(Q) = 4Q. What is total benefit when Q = 2? Q = 10? What is marginal benefit when Q = 2? Q = 10? What level of Q maximizes total benefit? What is total cost when Q = 2? Q = 10? What is marginal cost when Q = 2? Q = 10? What level of Q minimizes total cost?"arrow_forward2. You are thinking to start your food catering business by making rolled tacos, which are often called taquitos (corn tortillas) and flautas (flour tortillas). As suggested, one important step is to estimate startup costs and prepare the budget. Your estimate shows, on a daily basis, your fixed cost (FC), including rent, utility, fees and tax, is about $300 per day. Your variable cost (VC) is largely depending on the units of labor (variable input) you are going to use. Hiring one labor will cost you $120 per day. Use the information given, to finish the questions below. (1) The table below presents the cost structure of your taco business. The first two columns give you the number of your output or tacos (Y) and the units of labor inputs. To finish this table, you need to calculate variable cost (VC), total cost (TC), marginal cost (MC), average variable cost (AVC) and average total cost (ATC). Note: MC = ATC / AY. Output, Variable input and Costs (per day) Labor VC TC MC AVC АТС…arrow_forward
- 3. Masagana Electronics, a firm that manufactures affordable microcomputers, is about to start production of two new types of microcomputers: VOICE and ECHO. Each type will require assembly time, inspection time and storage space. The amounts of the resources that can be allocated to the production of the microcomputers are limited. The manager of the firm would like to know the quantity computer to produce to maximize profit. The data are given below: VOICE ECHO 10 hours 4 hours 1 hour 2 hours Storage Space per unit 2 cubic feet P2,850 2 cubic feet P2,800 Profit per unit a. Formulate the linear program appropriate for this problem. b. Graphically illustrate the linear program. Label your axes properly and shade the feasible region. c. How many units of each type of computer should the firm produce to maximize profit? Available 100 hours. 22 hours 26 cubic feet Assembly Time per unit Inspection Time per unitarrow_forwardYou set up a business making and selling books. The average hardcover book sells for $20 and the average paperback sells for $15. On average, a hardcover book costs $5 to make and a paperback costs $3 to make. If you can only spend $450 per day on books and you need to make at least 100 books per day, how many of each type should you make to maximize profit? a) 150 paperback, 0 hardcover 80 paperback, 60 hardcover 25 paperback, 75 hardcover O paperback, 100 hardcover Answer is not there e)arrow_forwardQ44. Suppose that cellphone batteries can be produce using 3 different types of technologies. The table below indicates the total cost related to each technology for the amount of output produced per day. a. Samsung is considering which technology to adopt to produce its cellphone batteries. Use the information to find the average-total-cost of each technology and identify the most efficient choice of technology and plant size if Samsung would like to produce 6 batteries. b. In general, where must the marginal cost curve intersect the average total cost curve?arrow_forward
- (I am trying to find the simplest way to solve the question if Im using a cas calculator) (Formulas and notes I can put on my calculator are helpful) An apple grower finds that if he plants 80 trees per acre, each tree will yield 26 bushels of fruit. He estimates that for each additional tree planted per acre, the yield of each tree will decrease by 4 bushels. Given a price of $1.00 per bushel, find the maximum revenue and how many trees should he plant per acre to maximize her harvest? 36 trees per acre, maximum revenue of $7,480 37 trees per acre, maximum revenue of $7,482 43 trees per acre, maximum revenue of $7,482 44 trees per acre, maximum revenue of $7,480arrow_forwardTammy quit her job as a math teacher making $70,000 per year to start her own online business. The first-year revenue totaled to $200,000. During the first year of online business, Tammy paid $50,000 for the office rent and $20,000 for utilities and supplies. What is the amount of accounting profit generated from Tammy’s online business? $60,000 $200,000 $130,000 $70,000arrow_forward1. The farmer produces 115 pounds of oranges at a total cost of $1.38 per pound. He sells all of the oranges to Firm F for $1.71 per pound. Firm F produces 60 gallons of orange juice at a total cost of $3.81 per gallon (including the amount paid to the farmer for the oranges). Firm F sells 55 gallons of juice to consumers for $5.71 per gallon There are no other firms in this simple economy. What is the value added by Firm F? Enter a whole number with no dollar sign. 2. A farmer grows wheat and sells it to the miller for $1.25. The miller turns the wheat into flour and sells it to the baker for $2.00. The baker turns the flour into bread and sells it to consumers for $3.80. What is the value added by the baker? Group of answer choices $3.80 $7.05 $1.80 $0.55arrow_forward
- Vicky quit her $ 75, 000 a year marketing executive job to open her own firm. In Vicky's first year in business her total revenue equaled $ 180,000. Vicky's explicit cost during the year totaled $ 80,000. To start her business Vicky took $ 50,000 from her savings account that was paying an interest of 10% annually. What is her economic profit for her first year in business? A. -$26,000 B. -$ 25,000 C. $ 25,000 D. $ 24,000arrow_forwardLet say you have 3 products: cake, candy, and bread. The revenue per cake is $8. The revenue per candy is $4. The revenue per bread is $5. Define the number of cake, candy, and bread you are about to produce per day as x, y, and z respectively. What is the total revenue?arrow_forward3 Explain how economies of scale can be a barrier to entry. Your initial post should be 3-4 paragraphs in length. Make sure to demonstrate critical thinking and analysis by using research. For full credit, include one journal article to support your pos t.t.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning