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Gomez runs a small pottery firm. He hires one helper at $14,500 per year, pays annual rent of $7,500 for his shop, and spends $18,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $5,000 per year if alternatively invested. He has been offered $23,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $6,000 per year. Total annual revenue from pottery sales is $86,000. Instructions: Enter your answers as whole numbers.
a. Calculate the accounting profit for Gomez’s pottery firm. $ .
b. Now calculate Gomez's economic profit. $ .
q.a friend of yours is considering two providers of cell phone services. provider a charges 120 per month for the
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Farm must decide whether or not to purchase a new tractor. The tractor will reduce costs by $2,000 in the first year, $2,500 in the second and $3,000 in the third and final year of usefulness. The tractor costs $9,000 today, while the above cost savi..
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You will be viewing the movie WALL STREET by renting, buying or borrowing the film from the library. Your report should be at least three pages long. SUMMARIZE the story of the film. Discuss the economic aspects of the film, refer to your textbook. D..
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