User Account

All Pages

Explicit costs of market-supplied resources

Assignment Help Business Economics
Reference no: EM133125797

During 2019, Betsy's engineering firm collected $450,000 in revenue and spent $100,000 on labor expense, raw materials, rent, and utilities. In addition, the firm paid taxes of $20,000 and incurred attorney fees of $30,000 for environmental disputes. The firm's owner, Betsy, has provided $750,000 of her own money instead of investing the money and earning a 10% annual rate of return. Betsy has a degree in engineering and could be earning $80,000 annually working for one of her competitors.

-What are the explicit costs of market-supplied resources?

-What are the implicit costs of owner-supplied resources?

-What is total economic cost?

-What is the firm's accounting profit?

-What is the firm's economic profit?

-Should Betsy continue running her firm or should she go work for one of her competitors?

Reference no: EM133125797

Questions Cloud

Record the entry that shows dextra sending the sales tax : Dextra collects 3% sales tax. Record the entry for the $5,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale
Determine demand for go-karts treating : 1. Vertical Relations Suppose Volkswagen is the sole manufacturer of electric go-karts. The inverse demand for electric go-karts is: P = 10 - y
Write a critique - design thinking : Write a critique of video - Stanford Webinar - Design Thinking = Method, Not Magic
What is the amount of opal qualifying medical expense : While she recuperated, Opal paid $530 for prescription medicine and $630 to a therapist for rehabilitation
Explicit costs of market-supplied resources : What are the explicit costs of market-supplied resources? What are the implicit costs of owner-supplied resources?
Bank negara malaysia monetary policy committee decision : On 20 January 2006, at its first meeting for the year 2006, Bank Negara Malaysia's Monetary Policy Committee MPC decided to leave the Overnight Policy Rate OPR
Compute the income tax payable for the year : Compute the income tax payable for the 5th Year.
How specialization affects the efficiency of markets : In this question, you will demonstrate your understanding of how specialization affects the efficiency of markets, and what role illegality has in specializatio
How much will consumption change : If the income elasticity of a good is 2 and income increases by 5%. How much will consumption change?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd