Answered: 9. What are the equilibrium conditions…

9. What are the equilibrium conditions in the real estate market? What is the structural vacancy rate? 10 How would the real estate market inefficiencies affect the market?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter32: The Land Market And Natural Resources

Section: Chapter Questions

Problem 4E

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2. Exercise 8.2 Howard Bowen is a large-scale cotton farmer. The land and machinery he owns has a current market value of $12 million. Bowen owes his local bank $9 million. Last year Bowen sold $11 million worth of cotton. His variable operating costs were $9 million; accounting depreciation was $40,000, although the actual decline in value of Bowen's machinery was $60,000 last year. Bowen paid himself a salary of $50,000, which is not considered part of his variable operating costs. Interest on his bank loan was $400,000. If Bowen worked for another farmer or a local manufacturer, his annual income would be about $30,000. Bowen can invest any funds that would be derived if the farm were sold to earn 10% annually. (Ignore taxes.) What is Bowen's accounting profit? O $1,560,000 O $1,550,000 O $1,220,000.00 O $1,210,000.00 What is Bowen's economic profit? O $1,550,000 O $1,210,000.00 O $1,560,000 O $1,220,000.00
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