Find jjvb opportunity cost of production

Assignment Help Microeconomics
Reference no: EM132115779

Question: One year ago, Jack and Jill set up a vinegar bottling firm (called JJVB). Use the following data to calculate JJVB's opportunity cost of production during its first year of operation:

• Jack and Jill put $50,000 of their own money into the firm and bought equipment for $30,000.

• They hired one worker at $20,000 a year.

• Jack quit his old job, which paid $30,000 a year, and worked full-time for JJVB.

• Jill kept her old job, which paid $30 an hour, but gave up 500 hours of leisure a year to work for JJVB.

• JJVB bought $10,000 of goods and services.

• The market value of the equipment at the end of the year was $28,000.

• Jack and Jill have a $100,000 home loan on which they pay interest of 6 percent a year.

Reference no: EM132115779

Questions Cloud

How might gap take advantage of economies : Gap Will Focus on Smaller-Scale Stores Gap has too many stores that are 12,500 square feet. The target store size is 6,000 square feet to 10,000 square feet.
What happens to price and economic profit : Describe what happens to output, price, and economic profit in the short run and in the long run in a competitive market following.
Calculate the number of snacks that you can consume : To do? this, calculate the number of snacks that you can consume for each amount of beer. ?(Round your responses to two decimal places.?)
Strategic leaders promote integrity and ethical behavior : What is the best way for strategic leaders promote integrity and ethical behavior? Which describes matching supply with demand over a 6-18 month time horizon?
Find jjvb opportunity cost of production : One year ago, Jack and Jill set up a vinegar bottling firm (called JJVB). Use the following data to calculate JJVB's opportunity cost of production during.
Optimal number of wedding cakes to stock on the weekend : What is the optimal number of wedding cakes to stock on the weekend?
Underline the subject in given sentences : Underline the verb or verb phrase twice and label either LV or AV - Underline the subject once and label S
Calculate joe opportunity cost of economic profit : Joe, who has no skills, no job experience, and no alternative employment, runs a shoeshine stand. Other operators of shoeshine stands earn $10,000 a year.
What are the ceo compensation schemes : What is the economic problem that CEO compensation schemes are designed to solve? Would paying executives with shares of the company's stock align.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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!

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