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In 2019 Toni taught music and earned $45,000. On January 1, 2020, she quit teaching and started a home decorating business. Use the question facts to calculate Toni's opportunity cost of production and economic profit in the first year. Toni's opportunity cost of production in 2020 is OA. $99,150 B. $96,150 OC. $6,000 OD. $97,500 Toni's economic profit in the first year is OA. $-34,150 OB. $62,000 OC. $45,000 OD. $-31,150 Question Facts 1. Toni stopped renting out her basement for $4,500 a year and used it as her business office instead. 2. She paid $2,000 for a set of sample books and $1,000 for a booth at the Home Show. 3. She earned interest at 5 percent a year on her savings account balance. She took $3,000 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. 5. She received a total revenue of $65,000 from her home decorating business. 6. Normal profit is $45,000 a year.

In 2019 Toni taught music and earned $45,000. On January 1, 2020, she quit teaching and started a home decorating business. Use the question facts to calculate Toni's opportunity cost of production and economic profit in the first year. Toni's opportunity cost of production in 2020 is OA. $99,150 B. $96,150 OC. $6,000 OD. $97,500 Toni's economic profit in the first year is OA. $-34,150 OB. $62,000 OC. $45,000 OD. $-31,150 Question Facts 1. Toni stopped renting out her basement for $4,500 a year and used it as her business office instead. 2. She paid $2,000 for a set of sample books and $1,000 for a booth at the Home Show. 3. She earned interest at 5 percent a year on her savings account balance. She took $3,000 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. 5. She received a total revenue of $65,000 from her home decorating business. 6. Normal profit is $45,000 a year.

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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In 2019 Toni taught music and earned $45,000. On January 1, 2020, she quit teaching and started a home decorating business. Use the question facts to calculate Toni's opportunity cost of production and economic profit in the first year. Toni's opportunity cost of production in 2020 is OA. $99,150 B. $96,150 OC. $6,000 OD. $97,500 Toni's economic profit in the first year is OA. $-34,150 OB. $62,000 OC. $45,000 OD. $-31,150 Question Facts 1. Toni stopped renting out her basement for $4,500 a year and used it as her business office instead. 2. She paid $2,000 for a set of sample books and $1,000 for a booth at the Home Show. 3. She earned interest at 5 percent a year on her savings account balance. She took $3,000 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. 5. She received a total revenue of $65,000 from her home decorating business. 6. Normal profit is $45,000 a year.
Transcribed Image Text:In 2019 Toni taught music and earned $45,000. On January 1, 2020, she quit teaching and started a home decorating business. Use the question facts to calculate Toni's opportunity cost of production and economic profit in the first year. Toni's opportunity cost of production in 2020 is OA. $99,150 B. $96,150 OC. $6,000 OD. $97,500 Toni's economic profit in the first year is OA. $-34,150 OB. $62,000 OC. $45,000 OD. $-31,150 Question Facts 1. Toni stopped renting out her basement for $4,500 a year and used it as her business office instead. 2. She paid $2,000 for a set of sample books and $1,000 for a booth at the Home Show. 3. She earned interest at 5 percent a year on her savings account balance. She took $3,000 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. 5. She received a total revenue of $65,000 from her home decorating business. 6. Normal profit is $45,000 a year.
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