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Gerstner added $20 billion in annual revenue to IBM. Which one of the following formulas would calculate the profit IBM earned?
Select one:
a.
Profit = cost – income
b.
Profit = price x cost
c.
Profit = income – cost
d.
Profit = price x units sold
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Solved in 3 steps
- The difference between economic profit and accounting profit is? Average cost Direct costs Economic costs Variable costs Marginal costsMost societies are driven to make a profit. What is profit? Profit is the amount of money allotted for an item. Profit is someone that spends money on goods and services. Profit is revenue minus loss. Profit is the total amount without any deductions.Must complete chart and graph MR, MC, ATC, AVC, and where Q indicates max profit. FOR CHART, FIND: Mid-point AVG Quantity Total Revenue (pxQ) Fixed costs calculations Variable costs (wages x workers) Total Costs (TC) Total Profit (TR-TC) AVC (VC/Q) ATC (TC/Q) Marginal Revenue (MR) (change in TR/ change in Q) Marginal Cost (MC) (change TC/ change in Q) Change in profit (MR-MC)
- What is the profit motiveWhich of the following profits represent economic profit? Choose all that apply. a. A restaurant makes $10,000 per month in total revenue. Supplies cost $2,000 per month, and labor costs are $3,000 per month. The restaurant's profit is $5,000. b. During the summer, you make ten go-karts and sell each one for $100. It costs you $200 in supplies You could have made $500 during the summer if you had chosen to deliver phone books. Your total profit is $300. c. A high-end airplane company sells five private jets per year. Each jet is sold for $10 million. The profit margin is 12 percent . If you were to change course and make yachts with the same available resources , you would make no additional profit. d. Your company sells 1, 000 cars per month . Each car costs $20,000 . Your cost for parts is $4 million . Your labor costs are $3 million . Your total profit is $13 million .Why do more sales in not equal more profit
- What is average profit margin means?In at least two paragraphs, tell the class what you've learned in Business 101 and how this will make you a better professional. Business 101 includes; basic and concept of business such as revenue,profit. basic and concepts of economic and business evironment. Basic marketing Business Planning Thanks.Look at the Data Below then answer/calculate the totals in the questions that follow. (Show Workings) Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Entrepreneur's potential economic profit from the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Answer these questions directly: a) Creamy Crisp's explicit costs are: b) Creamy Crisp's implicit costs (total) are : c) Creamy Crisp's total economic costs (explicit + implicit costs) are: d) Creamy Crisp's accounting profit is: e) Creamy Crisp's economic profit is: f) If Creamy Crisp's revenue fell to $286,000, what is the new accounting profit and the new economic profits?
- Economic profit is the difference between total revenue and the A) costs of resources bought in markets.B) normal profit. C) interest costs of production.D) opportunity costs of production.A manager makes the statement that output should be expanded as long as average revenue exceeds average cost. Does this strategy make sense? Explain.A firm produces and sells a good for $119. To produce this good they purchased materials for $14, they paid wages of $45, and they paid rent of $13. What is the firm’s profit? Enter a whole number with no dollar sign.
