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- You own a company that produces widgets. You currently produce 100 widgets; each widget sells for $100 and costs $80 to produce. At this production level, what is your total revenue? A. TR = $8,000 B. TR = $80 C. TR = $10,000 D. TR = $100Sam owns and operates ye olde yogurt shoppe. His revenue this year was $135,000. he paid food supplier $50,000 for fruit, yogurt and milk and paid $5000 For paper and cleaning supplies. In addition to working again the store himself, he hired student lady to work part time and it cost him $25,000 in labor costs. He paid $12,500 to rent his store. He borrowed money from bank and had to pay them $5000 in interest costs. To run his company, sam gave up $50000 per year job and $1500 in interest amount he put into the business. He estimates that companies similar to his earn at least $6750 over costs. 1. separate(list) sam's accounting costs into fixed costs be variable costs by name and amount. 2. list each of sam's implicit costs by name and amount 3. calculate sam's economic profit/loss. Show what costs are included, and if Sam expects the Sam revenue and costs next year, he should continue in this business? Why/ why not?Requirements: a. Compute for MP in each unit labor employed. b. Compute for AP in each unit labor employed. c. Graph the TP, MP and AP. d. The primary objective of a business is maximizing profit. If you are to decide, what alternatives would you propose in reaching the goal of the company? Justify your answer. Unit of Labor employed Total Physical Product (tons of wheat) Marginal Product (tons of wheat) Average Product (tons of wheat) TP MP AP 0 0 (1) (11) 1 3 (2) (12) 2 10 (3) (13) 3 24 (4) (14) 4 36 (5) (15) 5 40 (6) (16) 6 42 (7) (17) 7 42 (8) (18) 8 40 (9) (19) 9 36 (10) (20)
- 3) The short run is a period of time in which A) nothing the firm does can be altered. B) the amount of output is fixed. C) prices and wages are fixed. D) the quantity of at least one factor of production is fixed.A firm’s quantity of output is 10 units. The price of labor is $25 per unit and the price of capital is $100 per unit. The input combination of labor and capital is 20 units and 30 units respectively. Calculate: a. LTC b. LACb. Explain the relationship between total product, marginal product, and averageproduct.
- A firm had sales revenue of $ 1million last year.It spent $600, 000 onlabor,$150,000 on capital and $200,000on materials. What was the firm’s accounting profit?22. Which one of these will continuously increase as more products are produced? a. None of the choices b. Variable cost c. Average fixed cost d. Fixed costQ, The demand for product is 6000 unit per year and the items are withdrawn uniformly. The order costis 10003, the inventory holding costis 63 per item per year, assuming shortages cost 125, find the following: 1. The Economic order quantity. 2. Maximum Inventory. 3. Shortage quantity. 4. Frequency .