+1-415-670-9189
info@expertsmind.com
Projected revenue depends on the number of lawns serviced
Course:- Microeconomics
Reference No.:- EM13700158




Assignment Help
Assignment Help >> Microeconomics

Three students consider the option of forming a lawn care and landscaping business during their summer vacation. They estimate the following costs: Insurance $2,600; Equipment Rental Fees $1,000; Fuel and Supplies $4 per lawn serviced and Miscellaneous expenses $2 per lawn serviced The projected revenue depends on the number of lawns serviced. The price per job is EC$30. The going wage for a typical unskilled university student is approximately $2,400 for the summer months. a) Derive an equation for total accounting cost and total economic profit




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Microeconomics) Materials
1) The Hub and Spoke Concept continues its development in the various modes of transportation (Maritime, Air, Truck, and Rail). Describe some of the key advantages this concep
The Fed sells bonds in the open market during a period of low unemployment and no excess industrial capacity. The economy is far below capacity and the government lowers taxes
Suppose a second firm enters the market. Let Ql be the output of the first firm and Q2 be the output of the second. Market demand is now given by Ql + Q2 = 53-P Assuming that
Calculate the price elasticities of demand in each market and discuss these in relation to the prices to be charged in each market. Add a short note to GGC management outli
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the informati
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on
Write the LP tableau for this problem that minimizes total transportation costs of raw milk hauling from farm to the cheese-fluid plants and from cheese-fluid plants to the
Crop insurance price guarantees were set in the spring, prior to planting, at $11.36/bushel for soybeans, and $4.62/bushel for corn. Decline in price losses were determined in