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forsale [732]
3 years ago
11

Christine is an artist who creates custom cookie jars. Her annual revenue from selling the cookie jars is $90,000. The annual ex

plicit costs of the materials used to make the cookie jars are $54,000. Refer to Scenario 13-13. Christine used $5,000 from her personal savings account to buy pottery tools for her business. The savings account paid 1% annual interest. Christine could earn $6,000 per year as a tax preparer. What is the annual economic profit of her cookie jar business?
Business
1 answer:
AleksAgata [21]3 years ago
5 0

Answer:  $29,950

Explanation: As we know that,

Economic profit = Total revenues - (explicit cost + implicit cost)

where,

Explicit costs are payments made to others for running operations of business.

Implicit cost or opportunity cost can be defined as the cost of loosing profits for choosing one alternative instead of other.

In the given case the interest of $50 on savings and $6000 salary is the implicit cost.

Economic profit = $90,000 - ($54,000 + $50 + $6,000)

                         = $29,950

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Solving for dominant strategies and the Nash equilibrium
Svetach [21]

Question Completion:

Matrix payoff:

                                              Sharon

                                  Left              Right

Paolo     Left              8,  3             4,   4

              Right           5,  3             5,   4

Answer:

The only dominant strategy in this game is for ___Paolo______ to choose ____Right______.

The outcome reflecting the unique Nash equilibrium in this game is as follows: Paolo chooses ____Right______ and Sharon chooses __ Right_____.

Explanation:

a) Paolo's dominant strategy is the strategy that always provides the greater utility to Paolo, no matter what Sharon's strategy is.  In this case, the dominant strategy for Paolo is to choose RIGHT always.

b) The Nash Equilibrium concept determines the optimal solution in a non-cooperative game in which each player (e.g. Paolo and Sharon) lacks any incentive to change their initial strategies. This implies that each player can achieve their desired outcomes by not deviating from their initial strategies since each player's strategy is optimal when considering the decisions of the other player.

3 0
3 years ago
Roberta, a store manager, uses her coercive power effectively to motivate employees. because of her coercive power, roberta woul
sp2606 [1]
Given that <span>Roberta, a store manager, uses her coercive power effectively to motivate employees. because of her coercive power, Roberta would be able to fire a subordinate.

</span><span>Coercive power is the ability to influence someone's decision making by taking something away as punishment or threatening punishment if the person does not follow instructions. It can be a severe way to get staff members to follow along with a company plan, but it can be necessary in some cases.</span>
5 0
3 years ago
What is an example of an interest leading to a career choice
kramer

Answer:

Making music leading to becoming a musician, basketball leading to wanting to be in the nba, etc.

Explanation:

8 0
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A firm is forecasting the sales of carpets based on the number of building permits issued in their county. which technique are t
LiRa [457]

In a case whereby A firm is forecasting the sales of carpets based on the number of building permits issued in their county, the   technique  they were using  is Associative model.

<h3>What is Associative model?</h3>

The associative model of data can be described as the  data model  that is been used for the database systems.

It should be noted that These models involve encompassing attributes with respect to  thing, , hence In a case whereby A firm is forecasting the sales of carpets based on the number of building permits issued in their county, the   technique  they were using  is Associative model.

Learn more about Associative model at:

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2 years ago
Clomien Corporation, a law firm, needs frequent interpretation of its stored data for cross-references and formulation of decisi
natta225 [31]

Answer:

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