Answer: $81,060 in August and $80,850 in September
Explanation: Please find attached a table.
August 86,800 17,360 38,500 25,200 81,060
September 91,000 18,200 43,400 19,250 80,850
Answer:
in this problem, we need to calculate Gomez's accounting and economic profit. To do this, let us first classify and list the explicit and implicit costs. Revenue: Sales: $85,000 Explicit costs: Cost of one helper: $18,000 Rent: $8,000 Materials: $24,000 These are the costs that require an outlay of cash. Implicit costs: Opportunity cost of funds invested in equipment: $7,000 Gomez could have invested the funds in another asset that could earn him $7,000 Opportunity cost of working as a potter in his own shop: $20,000 Gomez could have worked as a potter for a competitor that could earn him $20,000. This is the worth of Gomez's skill as a potter. Entrepreneurial talent: $4,000 This is the worth of Gomez's talent in running the business. These costs do not require an outlay of cash. These are the implicit costs. Now, we are ready to calculate both the accounting and economic profit of Gomez. a. Calculate the accounting profit for Gomez's pottery firm. $_ Accounting profit = Total Revenue − Total Explicit Costs Accounting profit = $ 85 , 000 − ( $ 18 , 000 + $ 8 , 000 + $ 24 , 000 ) Accounting profit = $ 85 , 000 − $ 50 , 000 Accounting profit = $ 35 , 000 The accounting profit is equal to $35,000. b. Now calculate Gomez's economic profit. $_ Economic profit = Total Revenue − Total Explicit and Implicit Costs Economic profit = $ 85 , 000 − ( $ 18 , 000 + $ 8 , 000 + $ 24 , 000 + $ 7 , 000 + $ 20 , 000 + $ 4 , 000 ) Economic profit = $ 85 , 000 − $ 81 , 000 Economic profit = $ 4 , 000 The economic profit is equal to $4,000.
Answer:
Accounting can be tough. ... The course load is quite intense, with classes in mathematics, finance, business, and accounting. While some concepts can be challenging, by studying the material and taking the time to make sure you fully understand accounting principles, you can be successful.
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Answer:
a.
Explanation:
The aggregate quantity of goods and services demanded changes as the price level rises because real wealth falls causing interest rates to rise, and this in term causes the dollar to appreciate since the interest rates are for products and services within the country and not foreign goods or services. Which as the dollar appreciates it means that foreign goods and services will become cheaper or that their relative price will fall.
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