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7. Ryan has opened his own delivery business. His revenue in the first year is $186,000....
Ryan is a Canadian resident who lives with his family in Victoria, Canada, but works for a small donut cafe in Seattle, U.S., where he commutes every day. On a typical day, Ryan produces 400 donuts th...
Ryan is a Canadian resident who lives with his family in Victoria, Canada, but works for a small donut cafe in Seattle, U.S., where he commutes every day. On a typical day, Ryan produces 400 donuts that sell for $1 apiece. Of the revenue from selling the donuts, Ryan is paid $200 per day. The remaining $200 revenue is distributed as follows: $50 pays for inputs such as water, flour, sugar, butter, and energy, $100 is rent for using the...
Question 3 O out of 2 points Ryan is self-employed. This year Ryan used his personal...
Question 3 O out of 2 points Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,400 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 12,000 miles (combination of business and personal travel). Ryan can provide written documentation of the business purpose for trips totaling 3,000 miles. If...
Oliver is a hairstylist and is going to start his own salon business. Before he opens...
Oliver is a hairstylist and is going to start his own salon business. Before he opens the Salon, he must make sure that the business is profitable. Oliver will employ three hairstylists. He believes that every hairstylist, including himself, will serve 5 customers per day and earn $70/customer. The salon will open for 25 days per month. Oliver will pay each hairstylist $5000 per month. The remainder of the total cost such as a space rental, utility, and advertisement will...
Kai Stephens recently opened a mobile dog grooming business named Waggin' Clean in the Dallas suburb...
Kai Stephens recently opened a mobile dog grooming business named Waggin' Clean in the Dallas suburb of Frisco, TX. As a relatively new competitor in the market, Kai knows that he must find more customers quickly if his business is going to survive. There are many competitors in the Dallas market with service prices ranging between $40 and $100. To position his business competitively, Kai has decided to charge $60 for his dog grooming services. Kai's business has fixed monthly...
1. Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month,...
1. Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month, and the cost of ingredients and overhead averages $500 per month. Ralph could earn $35,000 per year as the manager of a competing pizza restaurant nearby. His total explicit costs for the year were a. $24,000. b. $66,000. c. $72,000. d. $60,000. e. $6,000....
William Howe must decide whether to start a business renting beach umbrellas at an ocean resort...
William Howe must decide whether to start a business renting beach umbrellas at an ocean resort during June, July, and August of next summer. He believes that he can rent each umbrella to vacationers at $7 a day, and he intends to lease 40 umbrellas for the three-month period for $4,000. To operate this business, he does not have to hire anyone (but himself), and he has no expenses other than the leasing costs and a fee of $3,000 per...
Homer currently has a monopoly in Springfield with his “Mr. Plow” snow plow business, and it’s...
Homer currently has a monopoly in Springfield with his “Mr. Plow” snow plow business, and it’s time for him to buy a new (non-returnable) truck (his last one had its tires mysteriously shot out). Barney Gumble has been considering entering the market with his “Plow King” firm, so Homer realizes that his investment decision has dynamic (strategic) consequences: Homer will choose his truck and be a monopolist for a month. Barney will observe Homer’s truck choice and decide whether or...
Problem 3-6 Fred Klein started his own business recently. He began by depositing $5,000 of his...
Problem 3-6 Fred Klein started his own business recently. He began by depositing $5,000 of his own money (equity) in a business account. Once he'd done that his balance sheet was as follows. Liabilities and Assets Equity Cash $5,000 Equity $5,000 Total Assets $5,000 Total $5,000 During the next month, his first month of business, he completed the following transactions. (All payments were made with checks out of the bank account.) Purchased $4,000 worth of inventory, paying $1,500 down and...
Kyle and his family own a successful produce business near Whitehouse, AL, close to Hamilton. Their...
Kyle and his family own a successful produce business near Whitehouse, AL, close to Hamilton. Their produce (fresh and canned vegetables, fruits, condiments, etc.) is sold under their own label,Alabama Sunshine. Kyle raises all of the produce on the family farm and initially only sold it at his local roadside market on Hwy. 278. Kyle’s business has been successful. He has expanded his operations and now his Alabama Sunshine line of produce is in stores throughout western Alabama and parts...
17. The market is perfectly competitive and your business is considered to be profit maximizing. Your...
17. The market is perfectly competitive and your business is considered to be profit maximizing. Your business earns economic profits of $1500. The foxed costs of your business decrease from $500 to $450. This means your business will b C a reduce its output raise is price eam a greater profil d. earn a smalier profit 18. Sebastian has the choice of working as a grocery store stocker ($12/hour) or washing windows for local businesses ($4 per window). He doesn't...
Question 3 O out of 2 points Ryan is self-employed. This year Ryan used his personal auto for several long business trips. Ryan paid $1,400 for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $3,000. During the year, he drove his car a total of 12,000 miles (combination of business and personal travel). Ryan can provide written documentation of the business purpose for trips totaling 3,000 miles. If...
Problem 3-6 Fred Klein started his own business recently. He began by depositing $5,000 of his own money (equity) in a business account. Once he'd done that his balance sheet was as follows. Liabilities and Assets Equity Cash $5,000 Equity $5,000 Total Assets $5,000 Total $5,000 During the next month, his first month of business, he completed the following transactions. (All payments were made with checks out of the bank account.) Purchased $4,000 worth of inventory, paying $1,500 down and...
17. The market is perfectly competitive and your business is considered to be profit maximizing. Your business earns economic profits of $1500. The foxed costs of your business decrease from $500 to $450. This means your business will b C a reduce its output raise is price eam a greater profil d. earn a smalier profit 18. Sebastian has the choice of working as a grocery store stocker ($12/hour) or washing windows for local businesses ($4 per window). He doesn't...
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