used to work as a business manager for a real estate firm earning an annual salary of $100,000. Then Chris decided to quit that job to become a consultant, where he earns $200,000 in total revenue per year. Chris hired an administrative assistant for $55,000 per year and rents office space (utilities included) for $46,000 per year. What is Chris' accounting profit? [Select] What is Chris' economic profit? [Select] Did Chris make the right decision by becoming a consultant? Simply type "Yes" or "No" into the answer box. [Select] What would Chris' economic profit be if he owned the building and no longer had to pay rent? [Select]

used to work as a business manager for a real estate firm earning an annual salary of $100,000. Then Chris decided to quit that job to become a consultant, where he earns $200,000 in total revenue per year. Chris hired an administrative assistant for $55,000 per year and rents office space (utilities included) for $46,000 per year. What is Chris' accounting profit? [Select] What is Chris' economic profit? [Select] Did Chris make the right decision by becoming a consultant? Simply type "Yes" or "No" into the answer box. [Select] What would Chris' economic profit be if he owned the building and no longer had to pay rent? [Select]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.

Question

Chris used to work as a business manager for a real estate firm earning an annual salary of
$100,000. Then Chris decided to quit that job to become a consultant, where he earns
$200,000 in total revenue per year. Chris hired an administrative assistant for $55,000 per year
and rents office space (utilities included) for $46,000 per year.
What is Chris' accounting profit? [Select]
What is Chris' economic profit? [Select]
Did Chris make the right decision by becoming a consultant? Simply type "Yes" or "No" into the
answer box. [Select]
What would Chris' economic profit be if he owned the building and no longer had to pay rent?
[Select]

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M1
There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed in the attached table. If the tenants have the right to be free of loud music enforced through a property rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. Zero B. One C. Two D. Three E. It depends on transaction costs
why choose A?
Fill in the table below, giving a numerical value for letters A, B, C, and D. TC AFC AVC 50 1 90 A B D 30 2.
Pls help ASAP
What are the Revenue projects?
There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190