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Clare sells handmade purses. She uses her savings of $5,000, which was earning $750 per year in an investment account, to fund her business. Her other expenses include materials costs of $950, $500 in rent, and labor costs of $1,400. If Clare sells 40 purses at $90 each, what is her economic profit or loss?
I KNOW::
Economic Profit= Total Revenue- Total Economic Cost
If Total economic cost incorporates both out of pocket costs and opportunity cost what is the Total Economic Cost?TR= 3600
Joe Brown's dairy operates in a perfectly competitive marketplace. Joe's machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy.
For each audit procedure, list a technique for gathering evidence used (inquiry of client personnel, inspection, observation, examination of documents, reperformance, confirmation, analytical procedures and physical examination.)
44 third grade students can be considered to be an SRS in asuburban school district with a sample mean of = 35.091. DPR scoresare approximately normal. Suppose the standard deviation ofscores in this school district is known to be σ = 11.
reserve requirement for banks is set at 5. households deposit savings of 35000 into the third national bank.a.nbsp how
According to U.S. Census Bureau data (2004), average monthly income for a person with a degree in engineering was $5296 versus $3443 for a degree in liberal arts. What is the future value in 40 years of the incom differnce
a.) what is the market-clearing price b.)how much will he produce c.) what is the net profits d.) what is the elasticity of demand at the market-clearing price
Professor Moore forgets to set his alarm with a probability of .10. If he sets the alarm, it will wake him on time to make his first class with a probability of .95. If he forgets to set the alarm, he wakes up in time for his first class with a pr..
Suppose you are the manager of Sunglass Hut operating in a competitive market. Your cost of production is given by TC = 100 + Q*Q, where Q is the level of output and TC is the total cost. The marginal cost of production is 2Q.
If a piece of earthmoving equipment was purchased for $120,000. Using MACRS prescribed percentages, find the depreciation for each year over its recovery period if the equipment is sold for $30,000 after four years.
An economy has the following cobb-douglas production function: Y=K1/3L2/3. The economy has 1000 units of capital and a labor force of 1000 workers. Congress cannot dictate how many workers firms hire at the mandated wage.
Write a summary paragraph that outlines the findings evident from the ratios and notes any particular adjustments made in the calculations of the ratios that is material to the analysis.
What is the marginal product of the third worker? What is the marginal revenue product of the fourth worker What is the marginal cost of the sixth worker? Based on your knowledge of marginal analysis, how many workers should you hire
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