1. There are 3 possible ways of increasing profit as provided in the module (With TC constant, increase TR, With TR constant, decrease TC, and Increase TR, and decrease TC). In each way, describe how your project in chapter 1 (Small Farm Business) can be able to attain increasing profits.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. There are 3 possible ways of increasing profit as provided in the module (With TC constant, increase TR, With TR constant, decrease TC, and Increase TR, and decrease TC). In each way, describe how your project in chapter 1 (Small Farm Business) can be able to attain increasing profits.

2. How are you going to apply the EOQ principle and Break-even point analysis to the management and improvement of your project in chapter 1 (Small Farm Business)?

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Julie owns a store that sells previously-owned video games. Last year, Julie generated $250,000 in total revenues. Her explicit costs were $175,000, which included wages paid to her employees and payments made to her and suppliers. Last year Julie also received an offer of $75,000 per year to manage a retail outlet of a chain-store competitor. Based on this information: accounting profit = $0; economic profit = −$75,000. accounting profit = $175,000; economic profit = $75,000. accounting profit = $75,000; economic profit = $0. accounting profit = $25,000; economic profit = $100,000. accounting profit = $75,000; economic profit = −$100,000.
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