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Vanyuwa [196]
3 years ago
7

Dan's Car Wash produces $150,000 in revenues and incurs $120,000 in labor wages, materials, rent, and other explicit costs. More

over, Dan gave up a $40,000-a-year job as a hotel valet to start his car wash business. Dan's economic profit is _____, and he _____ earning a normal profit.
Business
1 answer:
Nadya [2.5K]3 years ago
7 0

Answer:

-$10,000 ; is

Explanation:

The computation is shown below:

The economic profit is

= Revenues produced -  labor, wages, materials, rent, and other explicit costs incurred - giving amount

= $150,000 - $120,000 - $40,000

= -$10,000

Now the normal profit is

= Total revenues produced - Total cost incurred

= $150,000 - $120,000

= $30,000

So, the economic profit is -$10,00 and he is earning a normal profit

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I had to look for the options and here is my answer:
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3 years ago
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If a utility company were considering an increase in electricity or gas prices in order to cover the costs of a capital investme
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Question:

If an utility company were considering an increase in electricity or gas prices in order to cover the costs of a capital investment, this sector would result in the smallest change in quantity demanded in the long run and thus higher profits. True or false?

Answer:

The answer is True.

Explanation:

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Scarce goods are allocated though the help of prices. It is important to note that demand for gasoline or electricity is <u>more elastic in the long term</u>, so small changes in price will alter supply and demand in either direction in the shortrun.

The demand for gas or electricity are by nature <em><u>inelastic.</u></em> This means that when prices go up, demand goes down <em><u>but not by much.</u></em>

It means that in the short term, the individuals cannot alter their lifestyle immediately to adjust for the hike in prices.

To adjust they would have to probably purchase new devices which or cars which consume less gas or electricity.

The effect this has for the company on the overall is that they are able to achieve their aim of recouping their capital investments from the planned increase in price.

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8 0
3 years ago
Back2Work is considering replacing the receptionist who answers the phone with an automated answering system. Back2Work should _
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Answer:

involve the current receptionist in the decision process.

Explanation:

When changes are to be made that will affect an employee, the best way to reduce resistance to the change is to involve the employee in the decision-making process.

By involving the employee they will get to see the benefits of the new initiative and this will also convince them that it is for the good of the business and not a ploy to replace them.

Employees have a higher buying and will drive implementation more when they were part of the process for change.

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The three-letter code that summarizes your three strongest career types is called your
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Answer:

Justin's company should prepare to demonstrate that it is ISO 14001 compliant.

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