Using the following information, what is the amount of gross profit?$33,7796,886576551PurchasesMerchandise inventory, September 1Administrative expensesRent revenueOa. $86,957Ob. $24,048Oc. $55,982Od. $25,007Selling expensesMerchandise inventory, September 30SalesInterest expense Using the following information, what is the amount of net income?$26,133Selling expenses6,173Merchandise inventory, September 30840Sales1,033 Interest expensePurchasesMerchandise inventory, September 1Administrative expensesRent revenuea. $32,939Ob. $23,875X Oc. $26,071Od. $17,702$7059,06448,7271,098

Gross profit is measured as the difference between the sales and the cost of goods sold. It…

Using the following information, what is the amount of net income? $26,133 Selling expenses 6,173 Merchandise inventory, September 30 840 Sales 1,033 Interest expense Purchases Merchandise inventory, September 1 Administrative expenses Rent revenue a. $32,939 Ob. $23,875 X Oc. $26,071 Od. $17,702 $705 9,064 48,727 1,098

Using the following information, what is the amount of net income? $26,133 Selling expenses 6,173 Merchandise inventory, September 30 840 Sales 1,033 Interest expense Purchases Merchandise inventory, September 1 Administrative expenses Rent revenue a. $32,939 Ob. $23,875 X Oc. $26,071 Od. $17,702 $705 9,064 48,727 1,098

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQ

See similar textbooks

Similar questions

A commercial fisherman notices the followingrelationship between hours spent fishing and thequantity of fish caught:HoursQuantity of Fish(in pounds)0 hours 0 lb.1 102 183 244 285 30a. What is the marginal product of each hour spentfishing?
What is the difference between marginal revenue product(MRP) and value marginal product (VMP)?
(i) A business manager determines that t months after production begins on a new product,the number of units produced will be P thousand, where P(t) =6?2 + 5?(? + 1)2.What happens to production in the long run ?(ii) A ruptured pipe in a North Sea oil rig produces a circular oil slick that is y meters thick at adistance x meters from the rupture. Turbulence makes it difficult to directly measure thethickness of the slick at the source (where x = 0), but for x > 0, it is found thaty =0.5(x2 + 3x)x3 + x2 + 4x . Assuming the oil slick is continuously distributed, howthick would you expect it to be at the source?
18. Which would be an implicit cost for a firm? The cost of: A. Property insuranceB. Property tax C. Raw materialsD. Wages foregone by the owner of the firm
Since most consumers spend very little on salt, a small increase in the price of salt will:A. reduce quantity demanded by a large amountB. not reduce quantity demanded by very muchC. not change quantity demandedD. increase quantity demanded by a small amount 2.Fred is considering opening a ski shop in Colorado. Assume Fred will incur the following costs: building rent= $100000/year, inventory= $250000/ year, energy=$50000/year, and labor (one clerk) = $10000/year. In addition, Fred’s current income as a computer programmer is $40000 per year. Assuming Fred would earn $ 460000 in revenues, he could expect to earn:A. an accounting profit of $10000 per yearB. an accounting profit of $ 60000 per yearC. an economic profit of $ 10000 per yearD. an economic profit of $50000 per year 3.Suppose a firm employs only capital and labour (K and L) and its production function is Q = 2KL. If the quantities of labour and capital are fixed at K =10 and L = 25, then:A. total output cannot exceed 125B.…
7.18 You are the chief learning officer for your organization and are tasked with evaluating a recent training program. What is the easiest way to accomplish this task? O Measure the return on investment. O Assess the transfer of learned skills to the job. O Test participants' knowledge and skills before and after the program OAssess participants' reactions to it.
For a production process, the marginal product of labour is given by the equation: MPL= 12L - 0.4L2. The first 18 items produced can be sold for $100 each, and beyond that production level, the unit selling price is $90. What is the marginal revenue product of labour when labour input is 20? a.6800 b.8000 c.9000 d.7500 e.7200
Henry takes put a home-equity loan for $50,000. He deposits the loan proceeds into an account used by his sole proprietorship, a business in which he actively participates. The money is immediately spent on new equipment for the business. Henry should elect to treat the $50,000 loan as?
Number ofWorkersEmployed Output(Units) MarginalProduct(Units) Value ofMarginalProduct ($)(Market Price=1$) Value ofMarginalProduct ($)(Market Price=2$) 0 0 1 8 2 22 3 36 4 56 5 60 6 72 7 82 8 89 Derive Marginal Product and Value of Marginal Product from the following table when market price for the product is 1$ and 2$ .
Explain 5 employee attendance problems in an organization
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)
Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?