Dennis, a potato farmer, earns $400,000/month in revenue. His monthly cost include: administrative cost: $30,000, fertilizers: $50,000, equipment and maintenance: $35,000, Labor: $73,000, Transportation: $15,000, Miscellaneous: $10,000, Foregone rent for the land is $20,000, and the owner’s salary is $20,000. Dennis's economic profit is ______. Group of answer choices $147,000 $167,000 $187,000

Q: Bessie wants to calculate the accounting and economic profits on her cattle farm in Nebraska. She…

A: a. Accounting profit = revenue - explicit cost  = 140000 - 130000 = 10000

Q: Suppose that a firm produces 10 units of output. Its Average Variable Cost (AVC) = $25, Average…

A: Q =  10 unitsAverage Variable Cost (AVC) = $25,Average Fixed Cost (AFC) = $5, and Marginal Cost (MC)…

Q: Jaime owns and manages a café in Collegetown whose annual revenue is $5,000. Annual expenses are as…

A: A . $750 B. Explanation: the questions about Jaime's cafe.a. Calculate Jaime's annual accounting…

Q: Marcella operates a small, but very successful art gallery. All but one of the following can be…

A: In economics the variable costs refer to those costs that change with the change in volume. On…

Q: -*s) A Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate…

A: Here we calculate the following overhead rates by using the given information so the calculation of…

Q: 5) If Hilltop Turf Farm's total cost of producing acres of sod is TC = 0.202 +120Q + 5,000, the…

A: Marginal cost (or MC in short) reveals the extra cost incurred by the business unit when it…

Q: A company produces canned drinks and sells them to supermarkets at $2 per unit. The resources the…

A: The optimal quantity of output is such a quantity of output where profit is maximized.

Q: QUESTION 13 Table 13-11 Teacher's Helper is a small company that has a subcontract to produce…

A: Teacher's Helper is a company dedicated to creating high-quality instructional materials for…

Q: Lake Charles Seafood makes 500 wooden pack-ing boxes for fresh seafood per day, working in two…

A: Productivity is represented as the ratio between the amount of output and the number of inputs. In…

Q: If your revenue during the first year of business is $48,000, and you incurred $4,000 in expenses…

A: It can be defined as the profit taking into account both the explicit costs of a business and the…

Q: The dollars available from each unit of sales to cover fixed cost and profit are the unit variable…

A: Cost can be defined as a concept that shows the amount of expenditure and any other sacrifice such…

Q: Norman Dowd owns his own taxi, for which he bought a $11,500 permit to operate two years ago. Mr.…

A: Opportunity cost is the cost of forgoing the next best alternative when making a decision.

Q: Consider the information in the table below. If 90,000 units were sold, how much profit is…

A: We are given with the selling price, fixed cost and variable cost and we have to calculate the…

Q: for these two graphs answer the following question what is the fixed cost?

A: Cost refers to the expenditure incurred by the producer for producing a given level of output. There…

Q: Consider the following costs of owning and operating a car. A $17,000 Fiat 500 Pop financed over 60…

A: Fixed cost is the cost that does not changes as output changes. In the given question, the output is…

Q: The same firm produces 500 lawnmowers per week. It hires 20 full-time workers (40 hours/week) at an…

A: Given that, Units produced = 500 Here , hiring workers and raw materials are variable cost . Raw…

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: Jason owns a small pizza restaurant, where he works full time in the kitchen. His total revenue last…

A: Explicit costs is the monetary expenses on raw material , wages , etc  Implicit costs are the…

Q: Parkway Travel Tours is organizing a five-day trip from Toronto to Branson, Missouri, a family town…

A: A break-even chart is a graphical representation of the relationship between revenue, costs, and…

Q: Complete the following table of short-run fixed costs. (Enter your responses rounded to two decimal…

A: Total cost is the sum of total fixed cost and total variable cost.  Fixed cost are the cost that…

Q: 4. Think of a production technology that has increasing marginal cost until a “mile- stone" level of…

A: Marginal cost:Marginal cost is the expenditure incurred for marketing that one unit, whereas…

Q: Lydia is trained as a statistician. She has a job offer with a buuness cons However, she wants to…

A: An economic profit is the difference between the revenue a commercial entity has received from its…

Q: Units of Output 0 1 2 3 4 5 SO $45 $60 Variable Cost (dollars) $75 45 75 90 120 158 225 Total Cost…

A: Total cost is equal to the total cost of producing the output. Total cost includes total fixed cost…

Q: A farm is currently able to produce 10000 bushels of peanuts per season on 10 acres. Assume it adds…

A: The marginal product of an input refers to the extra output that is produced when one more unit of a…

Q: mark Merchant owns and manages a café at food court. His monthly figures are: Revenue: $5,000…

A: Profit is the major motive of all the firms operating in a market. Profit is the difference between…

Q: A bag factory produces 40 units of output. Its average variable cost (AVC) = $23, average total cost…

A: The bag factory produces 40 units of output.The average variable cost is $23. The average total cost…

Q: Question 4 of 20 Total Average Average Average Fixed Variable Total Output (Q) Total Marginal…

A: For the cost data shown above,what is this firm's Average Total cost (ATC) when output is 4.

Q: $100 90 80 70 60 50 40 30 20 10 1 2 3 4 567 89 10 Quantity of Output Refer to Figure 7-3. Which is…

A: please find the answer below.

Q: Let's explore how rising costs helped to kill off most printed newspapers after the Internet became…

A: a)The AFC increases. For 1 million papers, AFC = (700,000+1,250,000+0.35*1,000,000).1000000 =…

Q: Fill in the remaining cells of the table. (Note: If a value is a decimal, round to the nearest…

A: MC = Change in TC / Change in Q AFC = TFC / Q AVC = TVC / Q ATC = TC / Q Q TFC TVC TC MC AFC AVC…

Q: In Bushville, residents typically either work as salaried employees or owns small business on…

A: The objective of the question is to understand the concept of opportunity cost, how it affects the…

Q: A firm produces one good and has average cost equal to 115, average variable cost equal to 75, and…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: QUESTION 5 The housing director for the City of Coho, WA is working on a new affordable housing…

A: The fixed cost of the project is $300000.The variable cost is $250 for each family move in. The…

Q: Suppose a firm has the following expenditures per day: $250 for wages and salaries, $50 for…

A: The formula for finding accounting profit is following Accounting cost= Total revenue - Explicit…

Q: The following production table gives estimates of the maximum amounts of output possible with…

A: The change in output brought on by one more unit of input is known as the marginal product. It is…

Q: Wiki Wiki Company has determined that the variable overhead rate is $4.50 per direct labor hour in…

A: Fixed costs are expenses that don't differ with changes in the level of output or sales. These costs…

Q: 5) If Hilltoo Turf Farm's total cost of producing acres of sod is TC = 0.202-1200 - 5,000, the…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…