Refer to the scenario below to answer the questions.Upon graduating with an accounting degree, you open your ownaccounting firm of which you are the sole employee. To start thefirm you passed on a job offer with a large accounting fim thatoffered you a salary of RM60,000 annually. Last year you carneda total revenue of RM100,000. Rent and supplies last year wereRM50,000.2.1) Your annual economic costs are(IM)2.2) Your annual economic profit is(IM)2.3) Your annual accounting profit is(IM)2.4) Based on the above information, describe the condition ofyour firm. (2M)(5 Marks)Question 3Choose one brand for every market structure below. Explainthe characteristics of the brand to conform with the structure.3.1)Monopoly:(2M)3.2) Oligopoly with heterogenous products: (2M)3.3)Oligopolywithhomogeneousproducts:(2M)3.4)PerfectCompetition:(2M)MonopolisticCompetition:3.5)(2M)(10 Marks) Instruction – Please answer all the questions with your ownwords or fill in the blanks. No need to show your working.Question 1Refer to the figure below to answer the questions.dBushels of corn1.1) This corn producer produces 100 bushels of corn and sellseach bushel at RM5. The cost of producing each bushel is RM2.This corn producer's total revenue isand profit is(1M)1.2) This corn producer earns a total revenue of RM900. Eachbushel of corn is sold for RM5. This corn producer must besellingbushels of corn. (1M)1.3) A corn producer's profit is RM200 and is producing 100bushels of corn. Then he must have a cost per bushel of- (1M)1.4) A corn producer produces 80 bushels of corn and sells eachbushel at RM5. The cost of producing each unit bushel is RM2.This corn producer's total revenue isand profit is(1M)1.5) A corn producer's total revenue is RM1,000. If she sells eachbushel of corn for RM5, she must be sellingcorn. (1M)bushels of(5 Marks)Price per bushel

Annual economic cost = explicit cost + implicit cost = rent & supplies + salary given up =…

Answered: Refer to the seenario below to answer…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Transcribed Image Text:Refer to the scenario below to answer the questions. Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting fim that offered you a salary of RM60,000 annually. Last year you carned a total revenue of RM100,000. Rent and supplies last year were RM50,000. 2.1) Your annual economic costs are (IM) 2.2) Your annual economic profit is (IM) 2.3) Your annual accounting profit is (IM) 2.4) Based on the above information, describe the condition of your firm. (2M) (5 Marks) Question 3 Choose one brand for every market structure below. Explain the characteristics of the brand to conform with the structure. 3.1) Monopoly: (2M) 3.2) Oligopoly with heterogenous products: (2M) 3.3) Oligopoly with homogeneous products: (2M) 3.4) Perfect Competition: (2M) Monopolistic Competition: 3.5) (2M) (10 Marks)

Instruction – Please answer all the questions with your own
words or fill in the blanks. No need to show your working.
Question 1
Refer to the figure below to answer the questions.
d
Bushels of corn
1.1) This corn producer produces 100 bushels of corn and sells
each bushel at RM5. The cost of producing each bushel is RM2.
This corn producer's total revenue is
and profit is
(1M)
1.2) This corn producer earns a total revenue of RM900. Each
bushel of corn is sold for RM5. This corn producer must be
selling
bushels of corn. (1M)
1.3) A corn producer's profit is RM200 and is producing 100
bushels of corn. Then he must have a cost per bushel of
- (1M)
1.4) A corn producer produces 80 bushels of corn and sells each
bushel at RM5. The cost of producing each unit bushel is RM2.
This corn producer's total revenue is
and profit is
(1M)
1.5) A corn producer's total revenue is RM1,000. If she sells each
bushel of corn for RM5, she must be selling
corn. (1M)
bushels of
(5 Marks)
Price per bushel

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