The industry says you can sell 5 sweaters for $25, 6 sweaters for $36, or 7 sweaters for $40. Using the TC listed above, where do you receive an economic profit?
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- The industry says you can sell 5 sweaters for $25, 6 sweaters for $36, or 7 sweaters for $40. Using the TC listed above, where do you receive an economic profit?
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- Tammy quit her job as a math teacher making $70,000 per year to start her own online business. The first-year revenue totaled to $200,000. During the first year of online business, Tammy paid $50,000 for the office rent and $20,000 for utilities and supplies. What is the amount of economic profit generated from Tammy’s online business?Taylor used to work as a yoga instructor at the local gym earning $27,000 a year. Taylor quit that job and started working as a personal trainer. Taylor makes $60,000 in total annual revenue. Taylor's only out-of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $1,500 per year for equipment. Taylor's accounting profit is _______, and Taylor's economic profit is _______.Describe and explain fully the type of economic profit that Is earned if price exceeds average cost. In Deep detail with at least 3 pages long
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- Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients, the bottles, and the labels was $700. In addition, it took her 20 hours to make the ketchup and to do so she took time off from a job that paid her $20 per hour. Linda’s accounting profit is while her economic profit is . a. $700; $400 b. $300; $100 c. $300; negative $100 d. $1,000; negative $1,100Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does shows at birthday parties. His clown car and costumes cost $7,000 and he did a lot of shows in the past year, making $13,000 in revenue but paying $2,000 in variable costs for balloons, gas, etc. Marty asked an accountant and an economist to calculate his profit. What did they report?Kristin runs an antiques store. Last year, she earned $35,000 in revenue and had explicit costs of $8,000. Kristin could have made $35,000 testing information security equipment and received an additional $2,000 if she had used the company's inputs in a different way. Calculate Kristin’s economic profit.
- Tomato Farms is selling tomatoes in a purely competitive market. Its output is 25,000 bushels, which sell for $30 a bushel. At this level of output, the marginal cost is $30 a bushel, average variable cost is $30.50 a bushel, and average total cost is $34.50 a bushel. (a) What is the firm’s total fixed cost? You must show your work.Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn an accounting profit of $200 per acre. Is he currently earning an economic profit? Why or why not?Gymnast Clothing manufactures expensive hockey jerseys for sale to college bookstores in runs of up to 200. Its cost (in dollars) for a run of hockey jerseys isa) Gymnast Clothing sells the jerseys at $110 each. Find the revenue function.b) Find the profit function.c) How many should Gymnast Clothing manufacture to make a profit? (Round your answer up to the nearest whole number)
