Taylor used to work as a yoga instructor at the local gym earning $27,000 a year. Taylor quit that job and started working as a personal trainer. Taylor makes $60,000 in total annual revenue. Taylor's only out-of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $1,500 per year for equipment.   Taylor's accounting profit is _______, and Taylor's economic profit is _______.

Q: Bessie wants to calculate the accounting and economic profits on her cattle farm in Nebraska. She…

A: a. Accounting profit = revenue - explicit cost  = 140000 - 130000 = 10000

Q: Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $175,000 in total…

A: Accounting profit refers to the net  profit which is earned by individual or firm in a period of…

Q: Kristin runs an antiques store. Last year, she earned $35,000 in revenue and had explicit costs of…

A:

Q: Jaime owns and manages a café in Collegetown whose annual revenue is $5,000. Annual expenses are as…

A: A . $750 B. Explanation: the questions about Jaime's cafe.a. Calculate Jaime's annual accounting…

Q: Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $175,000 in total…

A: Economic profit = Revenue - Explicit cost - Alternate income given up (Implicit cost) = 175,000 -…

Q: It costs a cookie firm $2 to sell a single cookie. This firm makes $4 in revenue from each cookie it…

A: Cost price per cookie = $2 Revenue earned per cookie = $4 Total quantity of cookies sold = 20

Q: a. What are Caroline’s explicit and implicit costs?  b. What is Caroline’s accounting profit?  What…

A: (Solving the first question).  Answer 1:  a. Explicit costs are those costs which are required to…

Q: Tammy quit her job as a math teacher making $70,000 per year to start her own online business. The…

A: (Q) Tammy quit her job as a math teacher making $70,000 per year to start her own online business.…

Q: Audra runs a movie memorabilia website. Last year, she earned $35,000 in revenue and had explicit…

A: Explicit Costs are the actual monetary payments made while conducting the business operations.…

Q: If your revenue during the first year of business is $48,000, and you incurred $4,000 in expenses…

A: It can be defined as the profit taking into account both the explicit costs of a business and the…

Q: Imagine you are the CEO of Future Industries, a company located in Republic City. The head of the…

A: The economic profit refers to the total cost borne by the economy which also includes the additional…

Q: Morgan took $400 000 out of their savings account to start an ice cream stand. The savings account…

A: Given:Implicit cost:=4,00,000*5%=$20,000Explicit cost=Incurred cost=$12,000Total…

Q: Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm's…

A: Marginal product of labor refers to an addition to the total product when the firm employing one…

Q: 1. You are running a (small) chain of gourmet burger joints with two locations (San Antonio and…

A: Production cost is the summation of fixed cost and variable cost. and it changes when output…

Q: Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last…

A: Economic profit refers to the profit that obtained by deducting the implicit cost or opportunity…

Q: Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm's…

A: Marginal product of labor of the third unit would be the difference between the total product before…

Q: Suppose you can either make computer chips or smartphone chips. If you produce computer chips, you…

A: Explicit cost is the cost that appears in the companies general ledger that directly affects the…

Q: Assume John sells milk at AUD2.50 per litre. Also, assume John sells each pizza at AUD 10.00.…

A: Price of milk=AUD 2 50 per litrePrice of Pizza=AUD 10.00 Let the quantity of milk be X and pizza be…

Q: Suppose Felix runs a small business that manufactures frying pans. Assume that the market for frying…

A: Total Revenue (TR):Meaning: Total Revenue is the total income a firm receives from selling its goods…

Q: Billy’s Bean Bag Emporium produced 300 bean bag chairs but sold only 275 of the units it produced.…

A: Output Produced=300 bean bag chairs Output sold=275 bean bag chairs Average cost for each unit…

Q: calculate the total revenue if the firm produces 20 versus 19 units. Then, calculate the marginal…

A: Total Revenue is the value of earnings of the firm on question. It is the product of price charged…

Q: Anthony quit his job where he was earning an annual salary of $48,000 to open his own business.…

A: Explicit costs are the expenditures incurred by an individual or a business out of its own pockets.…

Q: calculations, to earn revenue of $6,000 per month, she needs to sell printouts of 27,000 sheets per…

A:

Q: Our firm produces two products: generators and solar panels. Name five economies of scale you would…

A: Economies of scale allude to the cost advantages an organization gains with the increase in…

Q: Dr. Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental Clinic.…

A: Accounting Profit=Total Revenue-Explicit costs.

Q: If Amit's Curry House took in $35 000 in revenue last week and had out-of-pocket expenses of $31…

A: please find the answer below.

Q: Suppose that a small hair styling salon had revenues of $200,000 in a given year. The owner spent…

A: The economic profit is broader term and it considers the opportunity cost as well.

Q: Audra runs a movie memorabilia website. Last year, she earned $35,000 in revenue and had explicit…

A: Economic profit is the revenue that is left after paying explicit and implicit cost of a business.

Q: nsider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s…

A: a. The marginal revenue product of labor is the additional revenue generated by hiring one extra…

Q: Aji Fatou is thinking about opening a hardware store. She estimates that it would cost $500,000 per…

A: * ANSWER :-    Given that ,  Aji Fatou is thinking about opening a hardware store she estimates that…

Q: Last year Bill Bailey quit his $20,000 per year job and invested $200,000 to open the Bargain…

A: Economic profit takes into consideration all revenue items and cost items and also the opportunity…

Q: Happy Go Lucky Electric Company is the only company providing electric power to the city of Go…

A: Given that Happy Go Lucky Electric company is the only company providing electric to the city of Go…

Q: A bakery sells pretzels. The fixed costs come to $8,750.00 per month. It will cost 35 cents to make…

A: Break-even point=Fixed costSelling price-Variable cost

Q: The data in the table represents annual costs and revenue for Aurora’s Orchid Emporium. Aurora works…

A: Explicit cost can be defined as the cost which the firm pays to outsiders for using their factors of…

Q: Jaynet spends $30,000 per year on painting supplies and storage space. She recently re a job offer…

A: ANSWER STEP-1 Accounting profit and Economic profit may be calculated as follows:…

Q: Tammy quit her job as a math teacher making $70,000 per year to start her own online business. The…

A: The Accounting profit is the profit earned by the firm. It is excess of the Revenue over the Cost of…

Accounting and Economic Profit analysis

One comes across the concept of Profits in the context of business and in analyzing the results of business activity. Profits of a business can be accounting profits, and they can also be economic profits. So how does one understand the concept of accounting versus economic profits?