Justify your answer... Gomer runs a small pottery fem He neres one helper at $14.500 per year pays annual rent of $7,500 for his shop, and speeds $10,000per year on materials. He has $40,000 of his own funds invested in equipment gonery wheels, kdns, and so forth that could eam hpotter for a competitor He estimates fo$5.000 per year if aheratively weded. He has been offered $23,000 per year to work aentrepreneunal talents are worth $6.000 per year. Total aneual revenue from pottery sales is $86,000Instructions: Enter your answers as whole numbersa Calculate the accounting profe for Gomez's pottery femb Now calculate Gomer's economic profit

An economic profit or loss is the difference between the revenue received from the sale of an output…

Gomer runs a small pottery He heres one helper at $4,500 per year pays annual reet of $500 shop per year an mdeias He has $40000 of his own funds invested e equpnert potury wheeh, kd, and so furthy that could eas $5.000 per year fatematvety vected He has been offered $23,000 per year to work entrepreneund talents are worth $6,000 per yer Total annual revenue from pottery sales is $26.000 Calculate the accounting profe for Gone's pottery fem

Gomer runs a small pottery He heres one helper at $4,500 per year pays annual reet of $500 shop per year an mdeias He has $40000 of his own funds invested e equpnert potury wheeh, kd, and so furthy that could eas $5.000 per year fatematvety vected He has been offered $23,000 per year to work entrepreneund talents are worth $6,000 per yer Total annual revenue from pottery sales is $26.000 Calculate the accounting profe for Gone's pottery fem

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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