What was her economic profit for the year

Assignment Help Microeconomics
Reference no: EM132472961

Lisa quit her $23000-per-year job to start her own economics consulting firm. At the end of her first year of operation, her total revenues were $146000. Her total explicit costs were $48000. What was her economic profit for the year?

Reference no: EM132472961

Questions Cloud

What is the price elasticity of demand : Using the mid-point formula, what is the price elasticity of demand?
What is the price elasticity of demand : Using the mid-point formula, what is the price elasticity of demand?
Identify the systems capabilities for mobile use : Should the system be built in-house, created by a contractor, purchased offthe-shelf and customized, or leased as a service? Explain your rationale.
Identify the four basic market structures : Identify the four basic market structures, in order, from the best for consumers to the being the best for producers.
What was her economic profit for the year : At the end of her first year of operation, her total revenues were $146000. Her total explicit costs were $48000. What was her economic profit for the year?
What is the firm variable cost : If fixed cost is $650 per week, then what is the firm's variable cost?
Calculate what is bad boys inc cost of capital : If Bad Boys, Inc. raises capital using 30% debt, 5% preferred stock, and 65% common stock, what is Bad Boys, Inc.'s cost of capital?
Contrast what the marketing department and salespeople : Customers are other businesses. Using both the buying center and buying process, compare and contrast what the marketing department and salespeople
What happens to the interest rate in the given situations : Explain what happens to the interest rate if the money supply increases or decreases and the money demand remains unchanged. Explain what happens to the.

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