Jaynet spends $30,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm—one offer was for $110,000 per year and the other was for $80,000. However, she turned both jobs down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 eachWhat are her accounting profits?What are her economic profits? Suppose the total benefit derived from a continuous decision, Q, is B(Q) = 20Q − 2Q2and the corresponding total cost is C(Q) = 4 + 2Q2, so that MB(Q) = 20 − 4Q and MC(Q) = 4Q.What is total benefit when Q = 2? Q = 10?What is marginal benefit when Q = 2? Q = 10?What level of Q maximizes total benefit?What is total cost when Q = 2? Q = 10?What is marginal cost when Q = 2? Q = 10?What level of Q minimizes total cost?"

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Jaynet spends $30,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm—one offer was for $110,000 per year and the other was for $80,000. However, she turned both jobs down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 each What are her accounting profits? What are her economic profits?

Jaynet spends $30,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm—one offer was for $110,000 per year and the other was for $80,000. However, she turned both jobs down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 each What are her accounting profits? What are her economic profits?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter17: Capital And Time

Section: Chapter Questions

Problem 17.4P

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