Homework Answers
Ans 1)
In first job Kieron has net savings of $15,000 and if he changes the job then net savings is $17000
Therefore by choosing to stay in his current job he earns -$2000/ year
Hence he makes an economic loss
Ans 2)
Kieron incurs economic loss of -2000/ year
Ans 3)
His explicit cost is $33000 /year
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Kieron is currently working as an automobile detailer who earns $45,000/year. He currently has living costs...
Kieron is currently working as an automobile detailer who eans $45,000lyear. He currently has living costs...
Kieron is currently working as an automobile detailer who eans $45,000lyear. He currently has living costs of S30,000/year. offers $50,000 per year, where he expects his living costs to be $33,000/year Select the item from the list provided to make the following statements true Kieron has recently received a job offer interstate which 1. Accounting profit 2. -$2000/year 3. Total cost 4. Economic profit 5. Economic loss 6. A normal profit 7. $12000/year 8. $33000/year 9. Explicit cost 10. $45000/year...
Charles lives in Detroit and runs a business that sells pianos. In an average year, he...
Charles lives in Detroit and runs a business that sells pianos. In an average year, he receives $716,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $416,000; he also pays wages and utility bills totaling $274,000. He owns his showroom; if he chooses to rent it out, he will receive $7,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Charles does...
Charles lives in Philadelphia and runs a business that sells guitars. In an average year, he...
Charles lives in Philadelphia and runs a business that sells guitars. In an average year, he receives $704,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom; if he chooses to rent it out, he will receive $3,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Charles does...
Jake lives in Denver and runs a business that sells boats. In an average year, he...
Jake lives in Denver and runs a business that sells boats. In an average year, he receives $711,000 from selling boats. Of this sales revenue, he mus pay the manufacturer a wholesale cost of $411,000; he also pays wages and utility bills totaling $279,000. He owns his showroom; if he chooses to rent it out, he will receive $1,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Jake does...
CENGAGE | MINDTAP omework: Production and Costs (Ch 08) ck to Assignment attempts: Keep the Highest:...
CENGAGE | MINDTAP omework: Production and Costs (Ch 08) ck to Assignment attempts: Keep the Highest: /5 3. Definition of economic costs Raphael lives in San Francisco and runs a business that sells boats. In an average year, he receives $704,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom; if he chooses to rent it out, he will...
1. Definition of economic costs Edison lives in Dallas and runs a business that sells boats. In a...
1. Definition of economic costs Edison lives in Dallas and runs a business that sells boats. In an average year, he receives $842,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Assume that the value of this showroom does not depreciate over the...
Ricky quits his job earning $150,000/year and converts a house that he owns into a museum...
Ricky quits his job earning $150,000/year and converts a house that he owns into a museum for his large collection of antique clocks. Before this, Ricky had been renting the house out for $20,000/year. Ricky hired 2 employees for his museum at a total cost of $50,000/yr, and had to pay $10,000/yr for utilities. His museum was a huge hit and brought in revenues of $125,000 the first year. One antique clock enthusiast even offered him $1,000,000 to purchase his...
2. Calculating costs Yvette is working for an advertising firm making $50,000 per year but considers...
2. Calculating costs Yvette is working for an advertising firm making $50,000 per year but considers starting her own advertising company. Yvette has determined that to launch the business, she needs to invest $80,000 of her own funds. The annual cost of running the business will include $75,000 for the rent of the office space, $190,000 for employee wages, and $6,000 for materials and utilities. Yvette plans to manage the business, which means that she will have to quit her...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with a stall hire cost of $100/day. As a result of a positive change in consumer preferences for seafood, Casey experiences a large increase in demand for her seafood Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost YCasey's daily accounting profit is YCasey was making an economic loss in this market prior...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with a stall hire cost of $100/day. As a result of a positive change in consumer preferences for seafood, Casey experiences a large increase in demand for her seafood Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost YCasey's daily accounting profit is YCasey was making an economic loss in this market prior...
Kieron is currently working as an automobile detailer who eans $45,000lyear. He currently has living costs of S30,000/year. offers $50,000 per year, where he expects his living costs to be $33,000/year Select the item from the list provided to make the following statements true Kieron has recently received a job offer interstate which 1. Accounting profit 2. -$2000/year 3. Total cost 4. Economic profit 5. Economic loss 6. A normal profit 7. $12000/year 8. $33000/year 9. Explicit cost 10. $45000/year...
Charles lives in Detroit and runs a business that sells pianos. In an average year, he receives $716,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $416,000; he also pays wages and utility bills totaling $274,000. He owns his showroom; if he chooses to rent it out, he will receive $7,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Charles does...
Charles lives in Philadelphia and runs a business that sells guitars. In an average year, he receives $704,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom; if he chooses to rent it out, he will receive $3,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Charles does...
Jake lives in Denver and runs a business that sells boats. In an average year, he receives $711,000 from selling boats. Of this sales revenue, he mus pay the manufacturer a wholesale cost of $411,000; he also pays wages and utility bills totaling $279,000. He owns his showroom; if he chooses to rent it out, he will receive $1,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Jake does...
CENGAGE | MINDTAP omework: Production and Costs (Ch 08) ck to Assignment attempts: Keep the Highest: /5 3. Definition of economic costs Raphael lives in San Francisco and runs a business that sells boats. In an average year, he receives $704,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom; if he chooses to rent it out, he will...
1. Definition of economic costs Edison lives in Dallas and runs a business that sells boats. In an average year, he receives $842,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $452,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $38,000 in rent per year. Assume that the value of this showroom does not depreciate over the...
2. Calculating costs Yvette is working for an advertising firm making $50,000 per year but considers starting her own advertising company. Yvette has determined that to launch the business, she needs to invest $80,000 of her own funds. The annual cost of running the business will include $75,000 for the rent of the office space, $190,000 for employee wages, and $6,000 for materials and utilities. Yvette plans to manage the business, which means that she will have to quit her...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with a stall hire cost of $100/day. As a result of a positive change in consumer preferences for seafood, Casey experiences a large increase in demand for her seafood Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost YCasey's daily accounting profit is YCasey was making an economic loss in this market prior...
Casey operates a stall in a seafood market that is highly competitive. She earns $2,000/day, with a stall hire cost of $100/day. As a result of a positive change in consumer preferences for seafood, Casey experiences a large increase in demand for her seafood Select the item from the list provided to make the following statements true 1. Accounting profit 2. -$2000/year 3. Total cost YCasey's daily accounting profit is YCasey was making an economic loss in this market prior...
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