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.

Q: Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The following table shows the…

A: Marginal cost is the change in total cost due to a change in output by a unit.

Q: Find the value of the profit when the total revenue is $65 billion and total cost is $25 billion?

A:

Q: This is a graph of our firm’s costs. Label the lines on the graph using the following labels:…

A: Cost of production is those costs which are incurred by the manufacturer for manufacturing the…

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A: An economic profit or loss is the difference between the revenue gained from the sale of an output…

Q: Find average revenue if output is 100 units and total revenue is $2000

A: The information being given to us is:- Total revenue of firm = $2000 Output = 100 units  We have to…

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A: Marginal cost refers to the increase or decrease in the cost of producing one more unit or serving…

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A: Any business is run on the basis of costs and profits. In finance, the accounting profit is the key…

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: Note: Plot your points in the order in which you would like them connected. Line segments will…

A: Marginal cost (MC) is the addition to total cost resulting from one more output unit getting…

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A: Generators business: Fixed cost=$2 million Variable cost=$2 million Revenue=$3 million Solar panels:…

Q: student will increase up to $190.00 per month. However you can charge $1,072.00 per student. At what…

A: Fixed costs are costs that do not change with the level of output or production. They are incurred…

Q: Janet's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Janet's very…

A: The labor market is a place where labor services are exchanged for wages. It is a market of demand…

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A: Variable cost: A variable cost is a corporate expense that changes in proportion to how much a…

Q: If total revenue is $300 and output is 10 units Find average revenue

A: According to the above mentioned question, we have:- Total revenue = $300 Output = 10 units  Average…

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

A: Explicit costs is the monetary expenses on raw material , wages , etc  Implicit costs are the…

Q: Emeril owns his own restaurant, which earns a yearly total revenue of $1,100,000. The yearly cost of…

A: Accounting profit is the difference between the total revenue and explicit cost.  Explicit cost is…

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A: A break-even chart is a graphical representation of the relationship between revenue, costs, and…

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A: Fixed cost is the cost that remains same at all levels of output. Average Fixed cost is the Fixed…

Q: the numbers inputed on the graph are correct so far

A: Approach to solving the question: Detailed explanation: Examples: Key references:

Q: Scenario: Assume that there are five apartments located at different distances from an individual's…

A: There are 5 apartments to choose from .Based on their location they are as follows-1 ) Very Close…

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A: "Implicit costs refer to the opportunity costs i.e. the cost of resources which the business owns…

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A: At Break Even Point, total revenue is equal to total cost. A firm neither earns profit nor incur…

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A: Economic profit is the difference between the total revenue and the total economic cost (explicit…

Q: “A firm that earns only normal profit is not covering all its costs.” Do you agree or disagree?

A: Economic Cost consists of explicit cost and implicit cost. In other words it consists of sum of…

Q: The table below represents the costs of producing sneakers. Quantity 10 17 24 31 38 4 Fixed Cost…

A: Fixed cost: Fixed costs are the expenses incurred by the firm that do not change if the level of…

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.