Montana decides to spend three hours working overtime rather than watching Netflix with her friends an hour. What is her opportunity cost of working? nothing, because she would have received less than $45 of enjoyment from Netflix the $45 she earns working the enjoyment she would have received had she watched Netflix the $45 minus the enjoyment she would have received from watching Netflix not enough information to determine
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- Chelsea Menken works for a major consumer foods company earning $70,000 per year with about $57,600 in take-home pay. She rents an apartment for $1,200 per month. While in school, she accumulated about $37,000 in student loan debt on which she pays $385 per month. During her last fall semester in school, she had an internship in a city about 100 miles from her campus. She used her credit card for her extra expenses and has a current debt on the account of $8,000. She has been making the minimum payments on the account of about $240 a month. She has assets of $14,000. 1. Calculate Chelsea’s debt-to-income ratio. Round your answer to two decimal places.draw a budget line for a person who works 2000 hours a year today at 16$ per hour and expects to work 2000 hours in the future at the same wage. then show the effect on the graph if he increases his hourly wage to 50$an hourTom earns $15 per hour for up to 40 hours of work each week and $30 per hour for every hour in excess of 40. Tom also faces a 20 percent tax rate, pays $4 per hour in child care expenses for each hour he works, and receives $80 in child support payments each week. There are 110 (non-sleeping) hours in the week. Graph Tom’s weekly budget line. Under what conditions would Tom choose to work 40 hours a week?
- Last year, Jarod left a job that pays $60,000 to run his own bike repair shop. Jarod's shop charges $65 for a repair, and last year the shop performed 4,000 repalrs, Jarod's production costs for the year included rent, wages, and equipment. Jarod spent $50,000 on rent and $120,000 on wages for his employees. Jarod keeps whatever profit the shop earns but does not pay himself an official wage Jarod used $25,000 of his savings to buy a machine for the business. His savings were earning an annual interest rate of 6 percent. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers a. What is Jarod's annual accounting profit? $ 88500 O b-What is Jarod's annual economic profit? $ 28500OLast year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod’s shop charges $65 for a repair, and last year the shop performed 4,000 repairs. Jarod’s production costs for the year included rent, wages, and equipment. Jarod spent $60,000 on rent and $120,000 on wages for his employees. Jarod keeps whatever profit the shop earns, but does not pay himself an official wage. Jarod used $25,000 of his savings to buy a machine for the business. His savings were earning an annual interest rate of 6 percent. 1. What is Jarod’s annual accounting profit? What is Jarod’s annual economic profit?Refer to the labor–leisure budget constraint shown to answer the questions. This curve shows trade-offs between income and leisure that must be made over the course of one day. How much does this person earn per hour? $ At point A, how many hours of labor are selected? hourshours At point A, how many hours of leisure are selected? hours
- Sandra lives in Melbourne and runs a business that sells guitars. In an average year, she receives $2.6 millionfrom sales of guitars. Of this sales revenue, she must pay the manufacturer a wholesale cost of $1,400,000. She also pays wages and utility bills totalling $1,100,000. If she does not operate this guitar business, she can work in an accounting firm and receive an annual salary of $70,000. She owns her showroom. If she chooses to rent it out, she will receive $50,000 in rent per year. Assume that the value of this showroom does not depreciate during the year. No other costs are incurred in running this guitar business. What is Sandra’s accounting profit (used for tax purposes)? What is her economic profit?Compare the results of your personal time allocation to your ideal time allocation. Are you close to your ideal allocation? If not, what factors are affecting your use of time? Time allocation is the process of efficiently organizing your time by devoting a certain amount of time to each job that you must do. When I compared the outcomeRiley runs a successful restaurant chain. However, she is running into a problem whereby some of her restaurant locations have difficulty staffing the kitchens on weekends. Riley looks at her payroll data and talks to the managers of each of the restaurants. She finds out that the restaurants that successfully staff the kitchen on weekends, pay kitchen staff 20% higher than the restaurants that cannot fully staff the kitchen and the managers at these successful locations split their tips with the kitchen staff. What might Riley do to be most effective in ensuring all her restaurants can staff their kitchens on weekends? Group of answer choices Interview the kitchen staff that have quit to understand why they quit. Standardize pay increases to kitchen staff and institute performance evaluations/metrics for managers to ensure incentives are aligned. Close down the restaurants that she can’t staff.
- Sam decides to quit his job as a corporate accountant, which pays $11,000 a month, and goes into business for himself as a certified public accountant. He runs his business from his converted garage apartment, which he could rent out for $305 a month if he wasn’t using it as a home office. He must purchase office supplies worth $70 a month, and his monthly electricity bill has increased by $50 now that he is working out of his home office. After six months of working from home, Sam has earned an average of $13,000 per month. a. What are Sam’s average monthly accounting profits? $ b. What are Sam's average monthly economic profits? $1. In 2013, Roma was a schoolteacher and earned $40,000. But she enjoys creating cartoons, so at the beginning of 2014, Roma quit teaching and set to work as a cartoonist. She stopped renting out her basement for $5,000 a year and began to use it as her office. She used $5,000 from her savings account to buy a new computer, and she leased a printer for $150 a year. During 2010, Roma paid $1,250 for paper, utilities, and postage; the bank paid 5 percent a year on savings account balances; and Roma sold $50,000 of cartoons. Normal profit is $3,000 a year. At the end of 2014, Roma was offered $4,000 for her computer. For 2014, calculate Roma's: a. Explicit costs. b. Implicit costs. C. Economic profit.Weiwei gets a part-time job in high school that pays $5 per hour with flexible hours. Shechooses to work 6 hours per week, earning $30 per week. After a while, her job reduces herpay to $4 an hour. In response, she cuts back to working 5 hours per week, earning only$20 per week. Weiwei’s parents feel bad about the pay cut, and decide to give her a weeklyallowance, in cash, to make up for it. If they want to get her back to her old utility level,how much should they give her and why? (Select one answer from below) : (a) $10: that is her total amount of lost earnings(b) Between $10 and $6: that is the income effect minus the substitution effect(c) Between $10 and $6: leisure is a luxury good for high school students(d) $6: that is how much she would have lost if she kept working 6 hours(e) $5: the substitution effect offsets the change in labor hours(f) Between $6 and $0: she will substitute away from labor at the old bundle(g) Between $5 and $0: a pay cut is like a negative in-kind…