Suppose a young chef who recently graduated from culinary school in Cuba looks for work at local restaurants but is unable to find a job. After months of searching, she gives up on securing a traditional job and instead decides to offer cooking classes in her apartment, teaching American tourists how to prepare traditional Cuban dishes. She is unable to secure a license for her business, so she operates on a cash-only basis, not reporting her income to the government. a. While searching for a job in a local restaurant, the chef b. Two months after giving up her job search, the chef c. A year after starting her cooking class, the chef

Suppose a young chef who recently graduated from culinary school in Cuba looks for work at local restaurants but is unable to find a job. After months of searching, she gives up on securing a traditional job and instead decides to offer cooking classes in her apartment, teaching American tourists how to prepare traditional Cuban dishes. She is unable to secure a license for her business, so she operates on a cash-only basis, not reporting her income to the government. a. While searching for a job in a local restaurant, the chef b. Two months after giving up her job search, the chef c. A year after starting her cooking class, the chef

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The term for representing the cost of the shopping basket of goods and services of a typical South African households.
For distract driving
Drag each label to the correct location on the image. Classify the different options given as goods or services. haircut computer hardware vacation package washcloth housekeeping taxi car engine Goods Services Reset Next © 2022 Edmentum. All rights reserved.
Use the table below to answer the next three questions. The below table displays the production schedule for Great Balls of Fire, a food truck that sells flaming meatballs. Great Balls of Fire has a lease on the truck itself that costs $1200 per week that must be paid whether or not the food truck produces and sells any meatballs. They may hire up to three workers to produce and sell the meatballs, workers cost $600 per week. The production schedule shows you how many meatballs would be produced with the varying levels of employees. Employees Meatballs Fixed Costs Variable Cost Total Cost Average Variab Cost 0 0 0 1 300 2 500 3 600 Completely fill out the table, please round all answers to the nearest cent. Do not enter any commas, dollar signs, or units (Ex. If your calculator says 12.376, just enter 12.38.) If your answer is an even dollar amount, you don't need to include the cents (Ex. you may enter 10 instead of 10.00)
A farmer’s fields are right next to the train tracks, where sparks from the trains set the field on fire. The railroad profit from running zero, one, two or three trains is shown below. The columns indicate the number of trains running. Total railroad profits are the total profits to the railroad from running the specified number of trains. Total lost farmer profits are total profits the farmer loses from a specified number of trains running. Trains 0 1 2 3 Total Railroad Profit. $200 $300 $350 $410Total Lost Profit for Farmer $0 $100 $125 $300 1) If a court grants the railroad the property right throw sparks, and transaction costs are $1400 (split evenly by the…
The operating budget of the Western Robotics Company was $300 million last year. If the operating budget this year is 12 percent less than last year, what is this year’s operating budget? Answer $_______ million.
Business Selling Price Total Sold Cost of Goods Sold Sales Profit First Aid Kits 28.95 25 400 723.75 323.75 Leg Casts 50 10 300 500 200 Rubbing Liniment 12 5 5 60 55 Resuscitators 70 2 130 140 10 Sun Burn Ointment 25 25 1000 625 -375 Question #1 Economists are always calculating the costs and the benefits of alternatives. Economic profit, as distinct from the accounting profit you calculated in question 1, is the additional profit that is earned by choosing the best, rather than the second best, profit opportunity. Profit maximizers should always calculate economic as well as accounting profit. What is the economic profit you would receive if you decided to purchase the business's best profit maker?
Describe franchising and the main parties to the transaction.
You must provide a citation for the following statement: The Success automobile was built in Missouri in 1906. O No, this information is considered common knowledge Yes, this is specific information that is not common knowledge
Please no written by hand and no image According to the Washington Post article The Downsides of Cheap Corn, farmers' 2014 crop revenues were down from prior years, despite very productive harvests all around the United States. Which of the statements is the explanation offered by the article for this apparent paradox? The costs of farming have increased faster than productivity, leading to higher crop yields but lower profits. An influx of farmers entering the agricultural market has led to fierce competition, driving down revenues. The increase in the supply of crops has decreased prices by a greater percentage than the percentage increase in quantity of sales. Consumer demand for agricultural crops such as corn, soybean, and wheat are at record lows
Three college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the student recreation center, which pays $6,000 per year. A fully equipped facility can be leased at a cost of $8,000 per year. Additional costs are $1,000 a year for insurance and $.50 per person per hour for materials and supplies. Their services would be priced at $10 per hour per person. a. What are fixed costs? b. What are variable costs? c. What is the marginal cost? d. How many student hours would it take to break even ?
1. A factory produces 1,500 electric machines per annum. The variable cost per machine is Rs. 100. The fixed cost is Rs. 50,000 per annum, 10 machines are manufactured in one lot. Find the marginal cost of production.