Principles Of Microeconomics (book With Myeconlab With Pearson Etext Access Card)
12th Edition
ISBN: 9780134435039
Author: CASE, Karl E.; Fair, Ray C.; Oster, Sharon E.
Publisher: PEARSON
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Chapter 10, Problem 1.5P
To determine
The effect of hurricane on the industries.
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You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain how this would change demand for labor.
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Use the table below to calculate the accounting and economic profit for Abner's Apple Art.
Item
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Total revenue
$250
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$30
Utilities
$20
Lease
$21
Abner's forgone wages
$80
Numbers in the table are in thousands
What is Abner's Apple Art's accounting profit?
Accounting profit = $
thousand
What is Abner's Apple Art's economic profit?
Economic profit = $
thousand
Chapter 10 Solutions
Principles Of Microeconomics (book With Myeconlab With Pearson Etext Access Card)
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- It is clear that businesses operate in the short run, but do they ever operate in the long run? Discuss.arrow_forwardStephanie is looking to hire workers to help her produce earrings. The current hourly market wage rate is $8 per worker. Assume this is a perfectly competitive market. Fill in the "Total Labor Cost" and "Marginal Resource Cost" columns in the table below. Stephanie's Resource Costs Labor (workers) Total Labor Cost (dollars per hour) Marginal Resource Cost (dollars per hour) 0 $0 - 1 ____ $______ 2 ______ _______ 3 ______ _______ 4 ______…arrow_forwardAt the local Wendy's franchise, the hourly wage is $9 per worker. The franchise employs 15 workers per hour, and the marginal product of labor is 3 burgers per hour. The price of each burger is $3.50. Is the franchise maximizing profit? If not, would it increase profit by employing more workers or fewer workers? Briefly explain your answer.arrow_forward
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- Economan has been infected by the free enterprise bug. He sets up a firm on extraterrestrial affairs. The rent of the building is $4,000, the cost of the two secretaries is $50,000, and the cost of electricity and gas comes to $5,000. There’s a great demand for his information, and his total revenue amounts to $100,000. By working in the firm, though, Economan forfeits the $55,000 he could earn by working for the Friendly Space Agency and the $4,000 he could have earned as interest had he saved his funds instead of putting them in this business.a. What is his profit or loss by an accountant’s definitions?Instructions: Enter your response rounded to the nearest whole dollar and use a (-) if the number is negative.Accounting profit: $ b. What is his profit or loss by an economist’s definitions?Instructions: Enter your response rounded to the nearest whole dollar and use a (-) if the number is negative.Economic profit: $ rev: 06_20_2019_QC_CS-171313arrow_forwardEconoman has been infected by the free enterprise bug. He sets up a firm on extraterrestrial affairs. The rent of the building is $4,000, the cost of the two secretaries is $50,000, and the cost of electricity and gas comes to $5,000. There’s a great demand for his information, and his total revenue amounts to $100,000. By working in the firm, though, Economan forfeits the $55,000 he could earn by working for the Friendly Space Agency and the $4,000 he could have earned as interest had he saved his funds instead of putting them in this business.a. What is his profit or loss by an accountant’s definitions?Instructions: Enter your response rounded to the nearest whole dollar and use a (-) if the number is negative.Accounting profit: $ b. What is his profit or loss by an economist’s definitions?Instructions: Enter your response rounded to the nearest whole dollar and use a (-) if the number is negative.Economic profit: $arrow_forwardFill in the blank and explain the choice of correct answer. When the marginal product--------------------, the marginal cost--------- A) increases; increases. B) increases; remain the same. C) increases; dearases. D) remains the same; increases.arrow_forward
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