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As a server you earn $30000 per year, including tips.Someone offers you a new job as...
Lisa quit her $21000-per-year job to start her own economic consulting firm. At the end of her first year of operation, her total revenues were $148000. Her total explicit costs were $40000. What was her economic profit for the year? (Give response as a number, no commas, decimals, dollar signs, or otherwise.)
Kieron is currently working as an automobile detailer who earns $45,000/year. He currently has living costs of $30,000lyear. Kieron has recently received a job offer interstate which 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 1. Accounting profit 2. -$2000/year 3. Total cost By choosing to stay in his current job, Kieron is making a an Kieron's economic profitloss by choosing to...
Kate quit her job, where she earned $120,000 per year, to start her own financial consulting firm. She invested $80,000 of her own funds in furniture, computers, and other assets. During the first year of operation, the firm’s costs were $80,000 for rent on the office building, $420,000 for wages and salaries of employees, and $11,000 for supplies and utilities. The market value of the firm’s assets at the end of the year was $60,000. During the year, the firm...
Kate quit her job, where she earned $120,000 per year, to start her own financial consulting firm. She invested $80,000 of her own funds in furniture, computers, and other assets. During the first year of operation, the firm’s costs were $80,000 for rent on the office building, $420,000 for wages and salaries of employees, and $11,000 for supplies and utilities. The market value of the firm’s assets at the end of the year was $60,000. During the year, the firm...
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...
Jim resigns from his job, from which he was earning $40,000 per year, and then uses his own savings as the only source of capital to start a new firm. In the first year, his revenue is $120,000 and the total explicit cost is $60,000. Jim does not want to reveal how much own-savings he uses in his business, but implies that if the interest rate was higher than 5%, he would prefer not to start his own business. Refer...
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...
Suppose you are given the following data for this company for the year: Price per unit $15 Quantity sold 40,000 units Accounting depreciation $20,000 Forgone job at Firm A $80,000 Economic depreciation $45,000 Utilities expense $60,000 Wages paid $90,000 Forgone job at Firm B $90,000 Money invested in business $100,000 Normal profit $14,000 Materials expense $30,000 Rental expense on factory $140,000 Current interest rate 5 percent 1. Calculate accounting profit for this firm for the year. Show your work. 2. Calculate economic profit for this firm for the year. Show your work.
Rita quit her job as dentist where she earned $150,000/year and converted a house that she owns into a museum for her collection of clocks. Before doing this, Rita had been renting the house out for $20,000/year. Rita hired 2 employees for her museum at a total cost of $50,000/year, and had to pay $10,000/year for utilities. Her museum brought in revenues of $125,000 the first year. Someone even offered her $1,000,000 to purchase her entire collection of clocks. She...
AMB PRINT LAST NAME, FIRST NAME SECTION BUSINESS FIRMS, COSTS, AND PROFIT Which business or siness organization offers investors the protection of limited liability, so the in investor can lose is the initial investment? Sole proprietorship Oligopoly Corporation Partnership det structures that lie in between perfect competition and pure monopoly are called: proprietorship and partnership corporation and oligopoly. oligopoly and monopolistic competition. profit-maximizing and revenue-maximizing structures. Accounting profit is equal to: total revenue minus total explicit cost. total revenue multiplied...