Suppose a person quits a job earning $60,000 per year and starts a business with $90,000 withdrawn from a money-market account earning 12 percent per year. The implicit cost of the business is for the entrepreneur's time plus s for the entrepreneur's funds (enter your response as an integer).
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- Suppose a person quits a job earning $45,000 per year and starts a business with $120,000 withdrawn from a money-market account earning 8 percent per year. The implicit cost of the business is $ for the entrepreneur's time plus $ for the entrepreneur's funds (enter your response as an integer).The first two units of a product cost a total of $9,000 to produce. If you believe an 80 percentlearning curve applies, how much would you expect the fourth unit to cost? Do the problem in Excel sheet pleaseA young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $30,000 a year, and take over a restaurant space that he owns and currently rents to his brother for $24,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What are his implicit costs? 54,000 52,000 106,000 none of the above
- 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)What is a sunk cost? Provide an example of a sunk cost other than one from this book. Why are such costs irrelevant in making decisions about future actions?What cost would an accounting statement reveal should current decisions be based on accounting cost.
- At Dana's dairy farm, the average total cost of producing 19 liters of milk is $10, while the average total cost of producing 20 liters milk is $11. What is the marginal cost of the twentieth liter of milk? Type your numeric answer and submitYour aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Your aunt’s opportunity costs comprise *the accounting costs.the accounting costs and the implicit costs.all economic costs.none of the above Referring to the problem above: The implicit cost/s that your aunt can incur is/are: *foregone rental value, foregone interest income, foregone wages.foregone rental value and foregone wagesforegone interest income and foregone wagesforegone wages.Zubair purchases material by Rs. 20,000 per year and pays R. 10,000 for storage space. He recently received two job offers from a famous marketing firm—one offer was for Rs. 250,000 per year, and the other was for Rs. 190,000. However, he turned both jobs down to continue his business. If he sells 50 units of his product per year at a price of Rs. 10,000 each: a. What are her accounting profits? b. What are her economic profits?
