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

CS 5 Economics
How many bags of compost should we use and how many kgs of tomatoes will we produce? Answer these two questions by completing the table. How many bags of compost should we use and how many kgs of tomatoes will we produce?| you can sell your tomatoes for $3/kg. Compost is $10/bag. Tomatoes Total Benefit Marginal Benefit Total Cost (kg) Marginal Cost ($) Compost DECISION (Total Revenue) (S) (Marginal Revenue) (use/don't use) (bags) ($) ($) 50 1 60 68 74 4 78 5 80 2.
What is Socio Cultural aspects of Manila when it comes to Transportation and Its Economy?
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
2. Hakim works 40 hours per week and currently earns $10.25 per hour at his job. His supervisor tells him that next month, he will receive a 7% pay increase. a) Calculate Hakim's new hourly pay. b) How much will Hakim earn per month after the increase? Assume a 4-pay month.
3 Choose any Pricing related (theory, strategy, philosophies, models, techniques, etc ) to discuss in-depth. Element 4: Provide real example/s that support your chosen approach
Problem 3:complete parts A, B, and C using the graph.
QUESTION 10 PRODUCT product X product Y product Z Ob) 153 O c) 1.2 O d) 150 O e) 200 QUESTION 11 O (c) 30% O (d) 25% Ⓒ (e) 20% price: $2.00 quantity: 2,000 price: $1.00 1,000 quantity: price: quantity: PRODUCT product X QUESTION 12 1988 product Y product Z QUESTION 13 $5.00 1,000 $4.00 2,500 $1.00 1,500 10. Given the data in the above table, what is the price index for 1988, using 1988 as the base year and using the 1988 consumption pattern (market basket)? O a) 100 $4.00 1,000 quantity: 1989 price: $2.00 quantity: 2,000 1988 price: $1.00 1,000 price: $5.00 quantity: 1,000 YEAR 1990 $6.00 2,000 $1.00 2,500 $2.00 1,000 1989 $4.00 2,500 $1.00 1,500 $4.00 1,000 1991 $8.00 1,500 $1.00 3,000 11. What is the rate of inflation between 1988 and 1989? (Use 1988 based price indices and 1988 market basket) O (a) 50% O (b) 33% $3.00 1,000 YEAR 1990 $6.00 2,000 $1.00 2,500 $2.00 1,000 1991 $8.00 1,500 $1.00 3,000 $3.00 1,000 12. Which of the following is NOT a problem in using economic statistics?…
6. Individual Problems 19-5 Soft selling occurs when a buyer is skeptical of the usefulness of a product and the seller offers to set a price that depends on realized value. For example, suppose a sales representative is trying to sell a company a new accounting system that will, with certainty, reduce costs by 20%. However, the customer has heard this claim before and believes there is only a 20% chance of actually realizing that cost reduction and a 80% chance of realizing no cost reduction. Assume the customer has an initial total cost of $400. According to the customer's beliefs, the expected value of the accounting system, or the expected reduction in cost, is $ Suppose the sales representative initially offers the accounting system to the customer for a price of $48.00. The information asymmetry stems from the fact that the than does the accounting system is At this price, the customer than the price. has less information about the efficacy of the accounting system purchase the…
Chapter 1: Problem 21 Molly Dymond and Kathleen Taylor are considering the possibility of teaching swimming to kids during the summer. A local swim club opens its pool at noon each day, so it is available to rent during the morning. The cost of renting the pool during the 10-week period for which Molly and Kathleen would need it is $1,700. ©2007 Wiley Chapter 1: Problem 21 The pool would also charge Molly and Kathleen an admission, towel service, and life guarding fee of $7 per pupil, and Molly and Kathleen estimate an additional $5 cost per student to hire several assistants. Molly and Kathleen plan to charge $75 per student for the 10-week. swimming class.
8. Stody Questions and Problems #8 California once proposed legislation that would have required 10% of its car fleet to be nearly emissions-free by the year 2003. This mandate spurred electric vehicle research. Such vehicles could be powered by photovoltaic cells or by batteries that are recharged using an electrical outlet. True or False: Electric vehicles that use electrical outlets are not emissions-free because electric production requires coal, nuclear, or hydroelectric plants, none of which are pollution-free. O True False Electric vehicles that are powered by photovoltaic cells pollution. emissions-free because the manufacturing of PVCs
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.