EXPLORING ECON.-W/ACCESS (LL) >CUSTOM<
7th Edition
ISBN: 9781305757448
Author: Sexton
Publisher: CENGAGE C
expand_more
expand_more
format_list_bulleted
Question
Chapter 11, Problem 2P
To determine
The reasons it might be difficult to calculate profits from farming for a farmer who uses his own tractor, equipments, farm structures and cultivates his own land.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources?
Rafael quit his job paying him $74,000 per year to be a consultant. Last year he started a business for which he spent $7,000 on Google and Facebook advertisements and paid himself $75,000. Based on this information, what were his economic cost of this new business?
What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run.
Chapter 11 Solutions
EXPLORING ECON.-W/ACCESS (LL) >CUSTOM<
Knowledge Booster
Similar questions
- Would an individual diary farmer receive more compensation on their own versus being part of the cooperative?arrow_forwardYour aunt is thinking about opening a hardware store.She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. What is your aunt’s opportunity cost of running a hardware store for a year? If your aunt thinks she can sell $510,000 worth of merchandise in a year, should she open the store? Explain.arrow_forwardApplying the concept of marginal costs, how would you, as a business owner, decide how much to produce?arrow_forward
- The highlight part is the answer, please explain how is that workarrow_forwardEvaluate the factors affecting firm behavior, such as production and costsarrow_forwardBonnie works one hour a week but looks every day for full time work. Roger quit his job now he spends all his time writing poems and reading them to his ex-girlfriend. Angelina quit her job at a fast food restaurant and is now trying to get a job selling houseboats. Dwain used to repair steam ships but has lost his job when the steam ship repair company he worked for went out of business do to no one needing steam ships anymore and has been unable to find work. Henry works forty hours a week cleaning chimneys but does not like the work and is looking for a job cleaning basements. Edwin is a bear tamer but is looking for work during the winter months because it is hibernation season for bears - Who is seasonably unemployed? -State which individual or individuals would be considered unemployed -State the four types of unemploymentarrow_forward
- What is the difference between Analytical and Synthetic process of production? Give examples.arrow_forwardProfit is the return to entrepreneurship. True Falsearrow_forwardSmall Mom and Pop firms, like inner city grocery stores, sometimes exist even though they do not earn economic profits. How can you explain this?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning