Manisha could work for another firm making $10,000 per month, but she decides to open her own gourmet cheese store and pay herself $2,000 per month. In her first month of operations, she spends $6,000 on cheese, $1,000 on other items, and $2,500 on rent. She had a great opening month, and brought in revenues of $13,500. What are Manisha's economic profits? OA. $4,000 OB. - $5,000 O C. $3,000 OD. - $6,000
Q: What is the equation for the steady state capital per worker k* in terms of savings rate…
A: The Cobb-Douglas production function is not the same as the one indicated by the production function…
Q: Holding everything else constant, there is a () the textbook) and real GDP (denoted with Y). A…
A: Human capital alludes to the abilities, information, experience, and qualities moved by individuals…
Q: Using the following population and employment data for the United States (2000-2019), answer three…
A: Given that,the labor force in 2005 is 149,320 thousandthsthe labor force in 2010 is 153,889…
Q: 3. Consider the following payoff matrix for a complementary investment game: WCG a. Do Not Invest…
A: Game theory helps in the decision-making of the players on the basis of different payoffs. A player…
Q: Your company operates with a technology that is characterized by a diminishing rate of technical…
A: Diminishing rate of technical substitution of labor for capital refers to the concept in economics…
Q: Refer to Case 3: Wal-Mart Manages Ethics and Compliance Challenges Investors in your company have…
A: Economic sustainability refers to the ability of an economy or a business to maintain long-term…
Q: he below given fgure illustrates the Big Push model of development. Which of the following would NOT…
A: The Big Push model is a theory of economic growth that proposes simultaneous and coordinated…
Q: Assuming a company produces two products - X and Y. The demand for company X's product is given by…
A: Qx = 24 - 6Px + 8PyWhere Qx is the quantity demanded of good X. Px is the price of good X. Py is…
Q: Consider the equations and graphs for the demand and supply functions given below, then answer the…
A: Equilibrium refers to a state of balance or stability in a system where opposing forces or…
Q: Fill in the blanks in the table below. Instructions: Enter your responses rounded to two decimal…
A: YearNominal ValueReal ValueCPI (times 100)200527525020103001302015500125Definition:Nominal Value:…
Q: how the financial market of China and India work to evaluate the feasibility and attractiveness of…
A: International companies, also known as multinational companies (MNCs) or multinational corporations,…
Q: recommend to SLB to increase capacity without any additional equip 8. Greg Kopp, Acting Dean of…
A: AustraliaMexicoInvestment$105,000$185,000Net Annual Benefit$60,000$71,000Project Life2 years3…
Q: Tempe Inc. is considering four mutually exclusive public projects. The capital investment…
A: BC ratio, also known as the Benefit-Cost ratio, is an economic indicator used to assess the…
Q: If the current interest rate is higher than the coupon rate on the bond: The sale price will be less…
A: While the current interest rate is higher than the coupon price on a bond, it means that the…
Q: 4. What have been the various approaches advocated to reform budgeting processes at the state and…
A: The budgeting process refers to the systematic approach of planning, creating, implementing, and…
Q: The owner of a thriving business wants to open a new office in a distant city. If he can hire…
A: Decision trees are probabilistic structures in the form of trees that aid in decision-making for…
Q: 4. Using the cost and revenue graphs in Figure 4.52, sketch the following functions. Label the…
A: Marginal cost in economics refers to the cost incurred by producing an additional unit of a good or…
Q: Is the rational actor model the best way to understand foreign policy decision-making? Define the…
A: Rationality alludes to the quality or condition of being rational, which includes the ability to…
Q: The market for Good X is depicted below. P Pao PBA P Psa Pso Po Market for Good X D Where Po= $5,…
A: Being familiar with how supply, as well as demand function, could potentially help officials attain…
Q: company produces two related products, the demand functions of which are given as 15 2p₂ +3 92 = 11…
A: a) To determine whether the two products are complements or substitutes, we need to examine the…
Q: In 2023, are there any negative consequences of concern that have arisen because of those…
A: Expansionary policies refer to the external stimulation made by an economy's govt to accelerate the…
Q: the following is a correct statement about a mixed economy n a mixed economy, all economic decisions…
A: An economic decision refers to the process of making choices or selecting from available…
Q: the output gap for this economy is
A: An Output gap represents the difference between actual output and potential out of the economy.…
Q: Which one of the following applies to merit goods? A They are always provided by the government and…
A: Merit goods are goods or services that are considered to have positive effects on individuals and…
Q: Refer to Figure 7-19. At the equilibrium price, consumer surplus is $100. $200. $50. $450.
A: Equilibrium in the market occurs at the intersection of market demand and market supply curve.…
Q: If the government doubles the tax on gasoline, can you be sure that revenue from the gasoline tax…
A: If the government doubles the tax on gasoline, it does not guarantee that the revenue from the fuel…
Q: 5. A small open economy is described by the following equations: 40+0.8(YT) C = I = 200-15r NX = =…
A: The equilibrium exchange rate means the exchange rate at which the demand for a currency equals its…
Q: The main distinction between conventional and Islamic wealth planning is the Shariah requirement of…
A: In Islamic wealth planning, the concept of wealth purification is an essential aspect that…
Q: Many countries around the world have opted to join currency unions. Examples include those in the…
A: The policy trilemma, also known as the impossible trinity, states that a country cannot…
Q: A state has a corporate tax rate of 9.6%. If the federal tax rate is 21%, what is the combined…
A: Introduction: In this discussion, we will be exploring the concept of tax rates and specifically…
Q: DESCRIBE THE CURRENT STATE OF 2 INDICATORS [ i.e. inflation] IN THE PHILIPPINES AND HOW THEY AFFECT…
A: Economic indicators can be anything the government wishes, but particular data from government and…
Q: Price (dollars per battery) 20 18 16 14 12 10 8 0 A Sus World price + tariff World price Dus 100 300…
A: The amount of tariff per unit is the difference between the world price with tariff and the world…
Q: Question 8 When an increase in the rate of growth causes a correspondingly larger increase in the…
A: Investment refers to the act of allocating resources, typically financial capital, with the…
Q: Which of the following statements is NOT correct about the above 1-0 table?
A: The rows of the table represents the output produced by each sector.The column of the table…
Q: In economics, the long-run' refers to the time period when all factors of production are fixed. some…
A: The long run refers to a period of time during which all variables of production can be changed. It…
Q: 2. How would you advise the Greek and U.S. governments to use these tools to manage their economies?…
A: Monetary Policy: refers to the action taken by central bank to control the money supply, interest…
Q: Suppose you have $10,000 to invest in one of the following projects. Project Alpha requires an…
A: NPV represents Net Present Value. It is a financial measurement used to assess the profitability of…
Q: Give typing answer with explanation and conclusion
A: A good that is excludable and rivalrous in consumption is a private good.
Q: Question 11 A supermarket has estimated values of the income elasticity of demand for some of its…
A: Income elasticity of demand is a measure that quantifies the responsiveness of the quantity demanded…
Q: Question 3 Mr. Richie was a wealthy business man. He had two children, Janet nd Jackson. Richie has…
A: The Edgeworth Box is a basic diagram used in economics to visualize how resources or goods could be…
Q: According to the Canadian Centre for Substance Abuse and Addiction, what are the recently estimated…
A: I have directly reffered to the Canadian Centre for Substance Abuse and Addiction's report titled…
Q: Strategic shirking Leo just got a job at a consulting firm. He is happy that he's got a job, but…
A: There is a difference between the situation explained in the text and the payoff matrix. However,…
Q: Is the term “developing country” still relevant and/or appropriate? Clearly explain your response…
A: The term "developing country" is still commonly used to refer to nations that face economic and…
Q: Snack Year Price per Unit 2021 2022 Select one: Quantity 30 10 pesos 15 pesos 40 The table above…
A: three goods, snack, cheese and soda are produced in the economy.2021 is the base year.
Q: A competitive firm’s short-run supply curve is its cost curve above its cost curve . a.…
A: Perfect competition refers to a market arrangement characterized by the presence of numerous firms,…
Q: Suppose that the community of Markstown produces two goods: Michelob light beer (MLB) and…
A: The PPC is a graphical representation that shows the various combinations of goods and services that…
Q: A sum of money invested at 12% interest, compounded quarterly, will triple in amount in…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Suppose the company lacks confidence in the accuracy of cost estimates expressed in a cubic equation…
A: Cost refers to the total expenditure incurred during the production process. It includes fixed as…
Q: Refer to the article below to answer two questions: FRONT PAGE Unemployment Rate Hits a 26-Year High…
A: The total population in a particular economy who is either working or actively looking for work is…
Q: In a monopoly market, you have an inverse demand function P=a-bQ, where Q is total market production…
A: Monopoly Market: A monopoly market refers to a market structure in which a single firm has exclusive…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Georgia quit her old job where she had been earning $50,000 a year to start her own business. She also invested all her savings into the business, which had been earning $10,000 a year in interest. At the end of her first year, Georgia's accountant told her she had made $70,000 in accounting profit. An economist would have told her she made an economic profit of: of Select one: a. $10,000 b. zero c. - $15,000 d. $20,000Question 8 page 28 Janet spends $20,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm- one offer were for $100,000 per year, and the other was for $90,000. However, she turned both jobs down to continue a painting career. If Janet sells 25 paintings per year at a price of $8,000 each: a. What are her accounting profits? Show your steps leading to your answer b. What are her economic profits? Show your work!Until recently, Mark worked as a financial advisor, earning $65,000 annually. Then he inherited a piece of commercial real estate that had been renting for $14,000 annually. Mark decided to leave his job and operate a sea food restaurant in the space he inherited. At the end of the first year, his books showed total revenues of $300,000, and paid a total cost of $200,000 for food, utilities, cooks, and other supplies: Show all your work including formulas learned to support your answer for each of the following: A) Calculate his explicit costs: B) Calculate his implicit costs. C) Calculate his accounting profits. D) Calculate his economic profits.
- Which of the following profits represent economic profit? Choose all that apply. a. Your company sells 1,000 cars per month. Each car costs $20,000. Your cost for parts is $4 million. Your labor costs are $3 million. Your total profit is $13 million. b. During the summer, you make ten go-karts and sell each one for $100. It costs you $200 in supplies. You could have made $500 during the summer if you had chosen to deliver phone books. Your total profit is $300. c. A restaurant makes $10,000 per month in total revenue. Supplies cost $2,000 per month, and labor costs are $3,000 per month. The restaurant's profit is $5,000. d. A high-end airplane company sells five private jets per year. Each jet is sold for $10 million. The profit margin is 12 percent. If you were to change course and make yachts with the same available resources, you would make no additional profit.Don Juan Perez runs a seafood restaurant on the central coast. His total income last year was $150,000. The rent was $48,000 per year. His labour costs were $42,000 and materials, food and other variable costs were $20,000. Don Juan Perez was going to work as a cookbook writer where he would have earned $40,000 per year, or as a chef de cuisine in another restaurant, where he would have earned $35,000. The economic utility of Don Juan Perez is: Note: the answer is 0 (zero). Please clarify with calculations why this is the correct alternative.Megan used to work at the local pizzeria for $17,000 per year but quit in order to start her own deli. Last year, she paid $4,000 rent each month, $4,500 for employee payroll each month, and $1,500 for supplies each month. She was planning on selling $2,500 worth of furniture but ended up bringing the furniture to her new deli. She had total revenue of $150,000. She asked an accountant and an economist to calculate her annual costs. Accountant says cost is $120,000, and economist says her cost is $139,500. Accountant says cost is $139,500, and economist says her cost is $120,000. Accountant says cost is $10,000, and economist says her cost is $29,500. Accountant says cost is $30,000, and economist says her cost is $10,500.
- Paul owns and operates his own business. To keep up with new technology, he spends $3,000 per year upgrading his computer equipment. He runs the business out of an office in the center. If he didn't use the office as his business office, he could rent it out for $12,000 per year. Paul knows that if he didn't run his own business, he could return to his previous job with a salary of $100,000 per year. Other expenses amount $25,000 per year. How much total revenue does Paul need to make in order for him to want to remain self-employed? A) $128,000 (B) $140,000 C) $28,000 D) None of the answers are correct.Janet spends $20,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm- one offer were for $100,000 per year, and the other was for $90,000. However, she turned both jobs down to continue a painting career. If Janet sells 25 paintings per year at a price of $8,000 each: a. What are her accounting profits? Show your steps leading to your answer b. What are her economic profitsGerstner added $20 billion in annual revenue to IBM. Which one of the following formulas would calculate the profit IBM earned? Select one: a. Profit = cost – income b. Profit = price x cost c. Profit = income – cost d. Profit = price x units sold
- Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out- of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $3,000 per year for equipment. Please enter your answers as whole numbers with no decimal places (ie. 5000 or $5000 not 5000.00 or "Five thousand dollars"). If you want to enter a negative number use a negative sign "-" and do not use parenthesis (ie. -2000 or -$2000 not (2000) or (-$2000)). What is Pat's accounting profit? What is Pat's economic profit? Did Pat make the right decision by becoming a personal trainer? (Yes or No)Monique has a flock of six chickens in her backyard that she initially bought for $6 each. Theflock currently lays 20 eggs per week, which Monique and her family consume at home, andher current cost of feed is $2 per week. Monique has a job that pays $8/hour with flexiblehours, but she is thinking of selling her chickens’ eggs to earn extra income. To start sellingeggs, she would need to increase production to 30 eggs per week. She can do this by increasingthe chickens’ feed to $3 per week and taking an hour off work each week to devote to chickenrearing. If the market price of her farm-fresh eggs is $1 per egg, what would be Monique’sweekly economic profits from selling her chickens’ eggs? (Select one from below) (a) −$9: This is her revenue minus her accounting cost.(b) −$1: This is her revenue minus her production cost.(c) $0: Eggs are a constant-cost market so producers must earn 0 profits.(d) $1: This is her revenue minus her economic cost.(e) $7: This is her revenue minus her…ery Sue quit her $40,000 per year job and opened a coffee shop that she calls Top Brew. In the first year, Top Brew earned $200,000 in revenue. For the same year, Top Brew paid $80,000 to employees in wages, spent $45,000 on ingredients such as coffee beans, $15,000 rent for the building to house Top Brew. Sue also used $50,000 of her personal savings to purchase equipment for Top Brew, which she was earning $5,000 in interest each year. Assuming no depreciation in the value of the equipment, Sue's economic profit from Top Brew for the year is $ Just enter a value. Do not include the "$" sign.