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Sylvia has decided to start her own photography studio. To purchase the necessary equipment, Sylvia withdrew...

Sylvia has decided to start her own photography studio. To purchase the necessary equipment, Sylvia withdrew $10,000 from her savings account, which was earning 3% interest, and borrowed an additional $5,000 from the bank at an interest rate of 8%. Sylvia's annual opportunity cost of the financial capital that has been invested in the business is _________, of which _________ is implicit cost?
A. $300; $300
B. $400; $300
C. $700: $300
D. $700; $400
E. $1,100; $700

Crazy Stuff, Inc. produced 10,000 units of output but sold only 9,000 of the units produced. The average cost of production for each unit of output produced was $75. Each of the 9,000 units sold were sold for a price of $85.
(x) Total costs of production for Crazy Stuff, Inc. would be less than $760,000 but more than $670,000
(y) Total revenue for Crazy Stuff, Inc. would be $765,000
(z) Economic profits for Crazy Stuff, Inc. would equal $100,000
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (x) only

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Answer #1

oppauniy co Self aned Inplewr cot is ms fachr g podu r eppariny cor of businns omgt i 0.080100000+ 0.08(r000) 3 007400 But mp

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