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Case: Why do accountants and economists calculate a firm's cost and profit in different ways? Suppose you give up your current employment as a journalist earning $80,000 and purchase a mobile coffee franchise. Your annual costs include: wages $60,000; coffee beans, milk and cookies $40,000; petrol $6,000; mobile phone $2000. You use your own vehicle rather than lease one for $8,000. You used your own savings of $200,000 to purchase the business instead of borrowing the funds at an interest rate of 8%. The average expected annual return in this industry is $30,000. Your total revenue after one year is $240,000.
a. What are your explicit and implicit costs?
b. What is your accounting profit?
c. What is your economic profit?
d. Should you stay in business?
Ricardo explained the law of comparative advantage on the basis of: the labor theory of value-the opportunity cost theory. Allied American University. ECON 370.
suppose that the production function for a commodity is given by q 10radiclkwhere q is the quantity of output l is the
4.If the Fed buys $1 million of bonds from the First National Bank, but an additional 10% of any deposit is held as excess reserves, what is the total increase in checkable deposits if the required reserve ratio is 10%? (Hint: Start by examining T-ac..
explain difference between a change in quantity demanded and change in demand. describe what causes change in quantity
problem 1please dene or explain the following terms. a complete answer will include a graph equation andor example as
What ethical considerations are raised by the issue? Should a business make any changes to how it operates in order to protect itself from the issues raised in the post? How would the issue discussed in the post affect a sole proprietorship?
Explain what happens to the primary deficit in year t if the nominal interest rate in year t increases to 17%.
How would the indifference curves slope, if a consumer is always indifferent regarding an additional one banana fruit or an additional
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Show the OLS estimator of β1 is unbiased using Assumptions SLR.1-4.
How did Anna diagnose the current situations in the organization and how do you think the outcomes of her diagnosis helped her to have a desired model for chang
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