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Gomez runs a small pottery firm. He hires one helper at $15,500 per year, pays annual rent of $5,500 for his shop, and spends $21,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $6,500 per year if alternatively invested. He has been offered $20,500 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $7,000 per year. Total annual revenue from pottery sales is $87,000. Calculate the accounting profit and the economic profit for Gomez’s pottery firm.
Accounting profit: $
Economic profit:$
compute the breackeven output quantities for each alternative. What is the difference between movements along IS and LM curves and shifts of the entire curves.
Such retailers can sell as many copies of Vista they such as at the prevailing marketplace price of $200.
trace the evolution of work on the laissez-faire doctrine through two arcs. first those theorists who are trying to
Explain how would you design a specific customized compensation plan for Agent-Principal.
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One economist has observed that by age 20, the cognitive and non-cognitive skills of people are set in such a way that those who are not good at learning new skills or concepts cannot be helped much by education or training programs. Assuming this ob..
What is the average time that catalog customers must wait before their calls are transferred to the order clerk? What is the average number of callers waiting to place an order?
If the U.S. economy is operating near full employment and the exchange rate increases (the dollar appreciates), explain why the Federal Reserve will be less inclined to raise interest rates.
Health insurance companies are oligopolies, and one of the criticisms of oligopolies is the adverse impacts these firms have on income distribution. Discuss in relation to the policies and practices of health insurance companies.
If the fed begins shifting the ad curve rightward at a faster rate than in the past, the short-run effect is a
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