do fast plz In 2019 Toni taught music and earned $45,000.On January 1, 2020, she quit teaching and started ahome decorating business.Use the question facts to calculate Toni's opportunity cost ofproduction and economic profit in the first year.Toni's opportunity cost of production in 2020 isOA. $99,150B. $96,150OC. $6,000OD. $97,500Toni's economic profit in the first year isOA. $-34,150OB. $62,000OC. $45,000OD. $-31,150Question Facts1. Toni stopped renting out her basement for$4,500 a year and used it as her business officeinstead.2. She paid $2,000 for a set of sample booksand $1,000 for a booth at the Home Show.3. She earned interest at 5 percent a year on hersavings account balance.She took $3,000 from her savings account to buy asewing machine.4. At the end of 2020, Toni could have sold hersewing machine for $1,500.5. She received a total revenue of $65,000 from herhome decorating business.6. Normal profit is $45,000 a year.

Opportunity Cost of ProductionOpportunity cost includes both explicit and implicit costs—the…

Answered: In 2019 Toni taught music and earned…

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter19: Pricing Concepts

Section: Chapter Questions

Problem 6DRQ

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When the idea first occurred to her, it seemed like such a win-win situation. Now she wasn't so sure. Marge Brygay was a hardworking sales rep for Inspire Learning Corporation, a company intent on becoming the top educational software provider in five years. That newly adopted strategic goal translated into an ambitious, million-dollar sales target for each of Inspire's sales reps. At the beginning of the fiscal year, her share of the sales department's operational goal seemed entirely reasonable to Marge. She believed in Inspire's products. The company had developed innovative, highly regarded math, language, science, and social studies programs for the K— 12 market. What set the software apart was a foundation in truly cutting-edge research. Marge had seen for herself how Inspire programs could engage whole classrooms Of normally unmotivated kids; the significant rise in scores on those increasingly important standardized tests bore Out her subjective impressions. Bur now, just days before the end of the year, Marge's sales were $1,000 short of her million-dollar goal. The sale that would have put her comfortably over the top fell through due to last-minute cuts in one large school system's budget. At first, she was nearly overwhelmed with frustration, but then it occurred to her that if she contributed $1,000 to Central High, the inner-city high school in her territory probably most in need of what she had for sale, they could purchase the software and put her over the top. Her scheme would certainly benefit Central High students. Achieving her sales goal would make Inspire happy, and it wouldn't do her any harm, either professionally or financially. Making the goal would earn her a $10,000 bonus check that would come in handy when the time came to write out that first tuition check for her oldest child, who had just been accepted to a well-known, private university. Initially, it seemed like the perfect solution all the way around. The more she thought about it, however, the more it didn't quite sit well with her conscience. Time was running out. She needed to decide what to do. 1. Donate the $1,000 to Central High, and consider the $10,000 bonus a good return on your investment.
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