15) Tanesha sells homemade candles over the Internet. Her annual revenue is 564,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22.000. What is her economic protit? A) S17,000 15) B) S25.000 C) S42.000 DI S47.000

15) Tanesha sells homemade candles over the Internet. Her annual revenue is 564,000 per year, the explicit costs of her business are $17,000, and the opportunity costs of her business are $22.000. What is her economic protit? A) S17,000 15) B) S25.000 C) S42.000 DI S47.000

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 22RQ: What are diminishing marginal returns as they relate to costs?

See similar textbooks

Related questions

Q: Pilar’s taco trucks sells about $600 various tacos per day for an average price of $6. On average,…

A: The objective of the question is to calculate Pilar's profit margin from selling tacos.

Q: Product-Product Analysis Given the following production possibilities when 3 units of X are used: Y2…

A: Intercept can be calculated by using the following formula.

Q: Q 0 A: 1 2 3 4 5 6 7 84 9 10 TB 0 1350 2 550 A 4 500 5 250 5850 6 300 6 600 6 750 6 750 B: TC 0 150…

A: The socially optimal level helps to analyze the optimal level of distribution in the society It is…

Q: a. What are Caroline’s explicit and implicit costs? b. What is Caroline’s accounting profit? What…

A: (Solving the first question). Answer 1: a. Explicit costs are those costs which are required to…

Q: Output TFC TVC TC MC ATC A 25 25 --- --- ---- -- В 1 25 25 50 25 50 C 2 25 40 65 32.5 D 3 25 70 95 E…

Q: Marginal cost is given by 20+ 10Q 12Q2. Fixed cost is 100. What is the average cost? OA. 100…

A: Average costs hold significance in firm theory by revealing efficiency levels, guiding production…

Q: QUESTION 6 Easy-toothy is a price-taking producer of tooth fairy's sling bags (these are bags for…

A: In a perfectly competitive market, firms are price takers because they do not have any control over…

Q: Output Price 1 $19 18 17 16 15 14 13 ($) * 2 3 4 5 6 7 Total Revenue $ 19 26 24 22 20 18 16 14 F 36…

A: Total revenue is the product of price and quantity. Marginal revenue is the change in total revenue…

Q: Given the following table: OUTPUT 0 123456 Part 1: The TVC of producing 4 units of output is Number…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost are the cost that doesn't change…

Q: 5. In multiproduct situations, when sales mix shifts toward the product with the highest…

A: Calculating the break-even point in a multi-product context is more complicated, and it's normally…

Q: C) Refer to the graph above. The fim should shut down if the price falls below accept the total loss…

A: Answer: (D). A firm's supply curve is the rising portion of the MC curve above the minimum average…

Q: ABC is a small business producing instructional modules for disabled children in public schools. The…

A: Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

Q: VC FC 1 60 100 80 100 90 100 4. 110 100 150 100 The marginal cost of producing 3 units of output is…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

Q: A soybean farmer produces beans for soybean meal and soybean oil. She has fixed costs of $500 and…

A: profit maximization is the short run or long run process by which a firm may determine the price,…

Q: Which point (A -F) would be considered least efficient? O A O O E

A: Production possibility curve represents different combination of two goods that can be produced in…

Q: 2. You are thinking to start your food catering business by making rolled tacos, which are often…

A: In the table given FC is missing but it is given in the question i.e $300. Therefore while…

Q: Refer to a table above that shows the total benefit and total cost for units of courses Matthew is…

A: Marginal benefit is the satisfaction availed by the consumer by consuming one more unit of the…

Q: Jose has a job making furniture. He is paid $40,000 a year. He is thinking about quiting his job to…

A: "Since you have asked multiple questions, we will solve first question for you .. you want any…

Q: Refer to the graph. For a certain output range (or quantity of pizzas produced per day), marginal…

A: Average total cost refers to the approximate total cost of production at different levels of…

Q: 2. Explain economies of scope and provide an example.

A: The firms and businesses tend to operate in the markets with the motive of maximizing the level of…

Q: A company produces radios which it sells for $33 each. There are fixed costs of $27,000 each month…

A: Fixed cost are those costs on which the change in quantity does not have a direct impact. Variable…

Q: Output Total Fixed Cost Total Variable Total Cost Average Fixed Average Variable Average Total…

A: Total cost is the sum of total fixed cost and total variable cost. Average cost is the per unit cost…

Q: A train track runs through a rancher's land. Each time a train runs on the track, it causes one of…

A: since you have asked a multipart question and according to our policy we can only solve the first 3…

Q: Make or buy decision Dani’s Doohickeys can buy widgets from The Widget Company for $10 apiece or…

A: To decide whether to make or buy the widgets, Dani's Doohickeys needs to compare the total cost of…

Q: The total cost of Mr. Plow, a snow-removal business, is given in the table below. Quantity…

A: Total Profits of 5 drive ways = Total revenues of 5 driveways - Total cost of 5 drivewaysTotal…

Q: Theo sells baby rattles at $3 per unit and each month he sells 3,000 units out of the back of his…

A: To determine whether person T should sell baby rattles in the park or not.

Q: The SolarFarm powerplant has both fixed and variable costs. As the plant expands production, it…

A: The firm's marginal cost is the additional cost of producing one more unit of output. As production…

Q: You are planning to setting up a Fruity Juice Stand. The stand itself costs IDR 2,000,000,- The…

A: Given:- Stand cost=IDR 2,000,000Plastic glass cost=IDR 5000 Please find images attached for detailed…

Q: Output TFC TVC TC MC ATC A 25 25 ------ ---- -- В 1 25 25 50 25 50 C 2 25 40 65 32.5 D 3 25 70 95 E…

A: Answer to the question is as follows :

Q: Milford Industries provides medical equipment oncology and surgical units major hospitals. Les…

A: An indirect cost rate is also known as indirect cost allocation rate or overhead rate. It is a…

Q: Below is the productivity per worker (kilos per day) in the wheat and bean industries of Caledonia…

A: Opportunity Cost: It refers to the foregone revenue on the next best alternative if we pick a…

Question

15) Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the
explicit costs of her business are $17,000, and the opportunity costs of her business are $22,000.
What is her economic protit?
A) $17,000
15)
B) $25,000
C) 542.000
D) S47,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Concert Opportunity Cost 2 You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225 apiece. What does it cost you to attend the concert?
What are explicit and implicit costs?
Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?
A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
Becky and Sarah are sisters 1who share a room. Their room can easily get messy, and their parents am always telling them to tidy it. Here are the costs and benefits to both Becky and Sarah, of taking the time to clean their room: If both Becky and Sarah clean, they each spends two hours and get a clean room. If Becky decides not to clean and Sarah does all the cleaning, then Sarah spends 10 hours cleaning (Becky spends 0) but Sarah is exhausted. The same would occur for Becky if Sarah decided not to cleanâ€”Becky spends 10 hours and becomes exhausted. If both girls decide not to clean, they both have a dirty room. What is the best outcome for Becky and Sarah? What is the worst outcome? (It would help you to construct a prisoners dilemma table.) Unfortunately, we know that the optimal outcome will most liker not happen, and that the sisters probably will choose the worst one instead. Explain what it is about Beckys and Sarahs reasoning that will lead them both to choose the worst outcome.
What are diminishing marginal returns?