Solution-Tom economic profit, Tom quit his $65,000 a year

Tom economic profit

Assignment Help Business Management

Reference no: EM131253918

Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $150,000. Tom's explicit cost during the year totaled $85,000. What is Tom's economic profit for his first year in business if there were no other costs?

$0
$20,000
$65,000
$85,000

Reference no: EM131253918

Questions Cloud

Analyze the most significant driver in an efficient market : Analyze the most significant driver in an efficient market and whether or not you would characterize the U.S. markets as efficient. Provide support for your position.

Gross private domestic investment : Suppose that these expenditures by students were to be treated as investment in human capital and included in Gross Private Domestic Investment. Would the change in definition cause GDP to change?

Set up a database for a company similar to netflix : You have been hired to set up a database for a company similar to Netflix that rents movies over the Internet.- Describe what type of database management system you would recommend for this application.

How you will evangelize within a chosen vocation : The purpose of the assignment is not to discuss how you will evangelize within a chosen vocation; rather, the assignment must focus on how the understanding that mankind is created in the image of God effects the way your vocation is performed.

Tom economic profit : Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $150,000. Tom's explicit cost during the year totaled $85,000. What is Tom's economic profit for his first ..

Example of consumer surplus or producer surplus : 1. I sold a watch for $63, even though I was willing to go as low as $53 in order to sell it. 2. Even though I was willing to pay up to $172 for a used laptop, I bought a used laptop for only $166. 3. A local store was having a sale on textbooks, so ..

Develop a simple data model for the music : Develop a simple data model for the music you have on your digital music player or in your CD collection. - What will be the primary key and foreign keys for the tables in your database?

Determine the elasticity of demand for labour : Analyse the factors that determine the elasticity of demand for labour in the short run and in the long run. then analyse the consequences for the elasticity of demand for domestic labour of the removal of barriers to international trade.

Is the market really perfectly competitive : Choose a market or industry that you think is close to perfectly competitive. Then, explain whether or not your choice meets each of the characteristics shown in Slide #5 of the Attend. Is the market really perfectly competitive? Can absolute p..

User Account

All Pages

Tom economic profit

Reference no: EM131253918

Reference no: EM131253918

Questions Cloud

Reviews

Write a Review

Business Management Questions & Answers

What is personal contributions and industry contribution

Current event related to managing information

Actions within the profession ethical standards

Database software to develop an application

What is the value of the test-statistic? what is the p-value

Principle of shareholder wealth maximization

Select one of the system development approaches structured

1what is the role of organization development vis-a-vis

Illustrates what is the total amount bet in a slot machine

An institution to which private wealth is contributed

Effective marketing communications

Key components of changing the organizational culture

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT