5. Jessie Sunspot operated a business renting beach umbrellas this past summer. She operated the concession for 3 months. Jessie knew that rain was frequent along this stretch of beach, but she was lucky and enjoyed 80 rentable days this season. On each rentable day Jessie rented 30 umbrellas per day at $25 per rental. She ran the concession by herself, but had to pay Beachcomber Enterprises $40,000 for the concession (the use of the umbrellas and for the beachfront rental location). Suppose Jessie could have earned $20,000 during the summer as an Uber Driver. What were Jessie's Accounting Profits for undertaking the business? What were her Economic Profits? Accounting profits (πA): Economic profits (π): a. Did Jessie realize economic profits from the venture? If so, to what are these profits attributable? Positive economic profits? (Y/N) Justification:

5. Jessie Sunspot operated a business renting beach umbrellas this past summer. She operated the concession for 3 months. Jessie knew that rain was frequent along this stretch of beach, but she was lucky and enjoyed 80 rentable days this season. On each rentable day Jessie rented 30 umbrellas per day at $25 per rental. She ran the concession by herself, but had to pay Beachcomber Enterprises $40,000 for the concession (the use of the umbrellas and for the beachfront rental location). Suppose Jessie could have earned $20,000 during the summer as an Uber Driver. What were Jessie's Accounting Profits for undertaking the business? What were her Economic Profits? Accounting profits (πA): Economic profits (π): a. Did Jessie realize economic profits from the venture? If so, to what are these profits attributable? Positive economic profits? (Y/N) Justification:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

9
PROBLEM (5) (tariff) The domestic (US) demand and supply for soy is p = 80 − QD and p = QS + 10 respectively. US market is very small relative to the world market, and the world (equilibrium) price is $20. Draw one graph for the market marking all intercepts and intersections to help you with (a) and (b) below. (a) If there is NO trade, what is the CS, PS, net domestic benefits, DWL?(b) If there is free trade, what is the CS, PS, net domestic benefits, DWL? How many units are imported? Now the state imposes a tariff of t dollars per unit.(c) What should be the tariff amount t to maximize tariff revenues? In this case, what is the DWL?(d) What should be the tariff amount t so that consumers and producers equally well off (CS equals PS)? (e) What should be the tariff amount t to maximize PS?(f) What is the most efficient tariff amount t? What is the least efficient tariff amount t? (i.e. that minimizes and maximizes DWL respectively.)
What is Socio Cultural aspects of Manila when it comes to Transportation and Its Economy?
Costs and Benefits for Control of Nitrogen Oxide Emissions ($mil) Total Marginal Total Cost Benefit Marginal Benefit % NOX abatement (TC) (TB) Cost (MC) (MB) Marginal Net Benefit Total Net Benefit 10 50 400 8.00 20 110 780 7.09 30 180 1130 6.28 40 320 1440 4.50 50 590 1710 2.90 60 930 1820 1.96 70 1420 1890 1.33 80 2020 1910 0.95 90 2860 1915 0.67 100 3870 1917 0.50
B) $11,250,000 150 Ⓒ$15,750,000 (D) $11,000,000 130 110 90 70 50 Ford Field Capacity is 65,000 10000 30000 MC 50000 70000 MRL DL DH MRL and DL are for low-demand games. MRH and DH are for high-demand games. Based on the graph above, what is the total revenue for both games (high and low demand games) if the price is set at the high- demand price level? A $12,500,000 MRH
1. Your health club offers you "free" parking and unlimited use of its facilities seven days a week if you buy an annual membership for $3,650, to be paid at the time the membership is taken out. Otherwise, you buy daily passes for $10 per day for the use of the facilities, plus pay for your parking. Is your parking truly "free" if you buy the annual membership? Explain.
An appraiser is valuing a parcel of land and has identified 3 comps and has identified size and location as the only 2 relevant elements of comparison. What is the approximate adjustment for size and location respectively? Price Subject Size ? Location Good Comp 1 Comp 2 Comp 3 $200,000 $230,000 $250,000 Average Average Good 21,000 SF 22,000 SF 24,000 SF 24,000 SF O-$15,000/1000 SF and +$20,000 O +$20,000/1000 SF and -$15,000 -$20,000/1000 SF and +$15,000 O +$15,000/1000 SF and -$20,000
$ per unit U [] U U 5 U 4 3 2 1 a e b с f 0 d a MB/MC Graph b 1 Use the graph above to answer the following question. What area(s) represents the total benefit of 3 units? Select zero or more of the letters listed below to indicate the total graphical area. d 2 e (D w. 3 MC MB Number of units (x)
6 (i) FIGURE 6 (i) 22 18 10 1 2 3 Number of video games rented per month 4 All the questions below are referring to Figure 6 (i) and explain and show your computation in your answer. a) The marginal utility of the first video game rental is b) The marginal utility of the third video game rental is c) At which unit of video game, the marginal utility is zero. Total utility
13) Suppose a certain change will generate £5,000 of benefits and £3,000 of costs.This change can best be described as(a) a potential Pareto improvement.(b) inefficient.(c) Pareto efficient.(d) equitable.
3. Draw the demand and supply curves as you have described them. a) P P DD = elastic = DD wii consol
(NON-RENEWABLE RESOURCES) The demand and supply functions for oil for the current generation (in million barrels) is: Demand: Qd = 250 – 5P Supply: Qs = 5P a. Other things being equal, assume that the available oil supply is 200 million barrels. Calculate and graph the efficient allocation of resources been the two generations. b. Given the limited supply of oil as a non-renewable resource, should the resource be managed by a monopoly? Explain your answer. Thank you for the help Bartleby! I really need it!