#1 1. Three college students consider the option of forming a lawn care and landscaping businessduring their summer vacation. They estimate the following costs:aEquipment CostsBusiness InsuranceFuelMiscellaneous Expenses$4,800$1,000$5 per lawn$3 per lawnTheir projected revenue depends on the number of lawns serviced. The price per job is$55 per lawn. The going wage for a typical unskilled college student is about $4,000 forthe summer months.State the equation for total accounting profit where Q (the number of laws serviced)is a variable?b.State the equation for total economic profit where Q (the number of lawsserviced) is a variable? Hint: There are three students involved.C.Should the students launch the business if they expect to service 275 (Q= 275)lawn jobs during the summer? Motivate using your equations above.

Conclusion:When considering opportunity expenses in addition to economic profit, the business…

Answered: 1. Three college students consider the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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