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In 2019 Toni taught music and earned $30,000. Question Facts On January 1, 2020, she quit teaching and started home decorating business. 1. Toni stopped renting out her basement for $6,000 a year and used it as her business office instead. Use the question facts to calculate Toni's opportunity cost of production and economic profit in the first year. 2. She paid $1,000 for a set of sample books and $2,000 for a booth at the Home Show. Toni's opportunity cost of production in 2020 is O A. $69,580 3. She earned interest at 4 percent a year on her savings account balance. O B. $5,000 She took $2,000 from her savings account to buy a sewing machine. 4. At the end of 2020, Toni could have sold her sewing machine for $1,500. OC. $68,000 O D. $66,580 Toni's economic profit in the first year is 5. She received home decorating business. total revenue of $30,000 from her O A. $27,000 O B. $30,000 6. Normal profit is $30,000 a year. OC. $-39,580 O D. $-36,580

In 2019 Toni taught music and earned $30,000. Question Facts On January 1, 2020, she quit teaching and started home decorating business. 1. Toni stopped renting out her basement for $6,000 a year and used it as her business office instead. Use the question facts to calculate Toni's opportunity cost of production and economic profit in the first year. 2. She paid $1,000 for a set of sample books and $2,000 for a booth at the Home Show. Toni's opportunity cost of production in 2020 is O A. $69,580 3. She earned interest at 4 percent a year on her savings account balance. O B. $5,000 She took $2,000 from her savings account to buy a sewing machine. 4. At the end of 2020, Toni could have sold her sewing machine for $1,500. OC. $68,000 O D. $66,580 Toni's economic profit in the first year is 5. She received home decorating business. total revenue of $30,000 from her O A. $27,000 O B. $30,000 6. Normal profit is $30,000 a year. OC. $-39,580 O D. $-36,580

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In 2019 Toni taught music and earned $30,000. Question Facts On January 1, 2020, she quit teaching and started a home decorating business. 1. Toni stopped renting out her basement for $6,000 a year and used it as her business office Use the question facts to calculate Toni's opportunity cost of production and economic profit in the first year. instead. Toni's opportunity cost of production in 2020 is 2. She paid $1,000 for a set of sample books and $2,000 for a booth at the Home Show. O A. $69,580 3. She earned interest at 4 percent a year on her savings account balance. B. $5,000 C. $68,000 She took $2,000 from her savings account to buy a sewing machine. D. $66,580 4. At the end of 2020, Toni could have sold her sewing machine for $1,500. Toni's economic profit in the first year is 5. She received a total revenue of $30,000 from her home decorating business. O A. $27,000 6. Normal profit is $30,000 a year. B. $30,000 C. $- 39,580 D. $- 36,580
Transcribed Image Text:In 2019 Toni taught music and earned $30,000. Question Facts On January 1, 2020, she quit teaching and started a home decorating business. 1. Toni stopped renting out her basement for $6,000 a year and used it as her business office Use the question facts to calculate Toni's opportunity cost of production and economic profit in the first year. instead. Toni's opportunity cost of production in 2020 is 2. She paid $1,000 for a set of sample books and $2,000 for a booth at the Home Show. O A. $69,580 3. She earned interest at 4 percent a year on her savings account balance. B. $5,000 C. $68,000 She took $2,000 from her savings account to buy a sewing machine. D. $66,580 4. At the end of 2020, Toni could have sold her sewing machine for $1,500. Toni's economic profit in the first year is 5. She received a total revenue of $30,000 from her home decorating business. O A. $27,000 6. Normal profit is $30,000 a year. B. $30,000 C. $- 39,580 D. $- 36,580
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