Final Exam Econ 101 2023
Final Exam Econ 101 2023 If a store sells a good at the market price, even though the government authorities have set the minimum price that can be charged, the store is selling the good in a(n) black market for a market price that is lower. Jackie is the owner of a furniture store. Last year, her total revenue was $500,000 and her total labor costs were $200,000. Her overhead expenses, including insurance and legal fees, were $175,000. The rent on the building was $45,000. Jackie could earn $105,000 per year working at a nearby furniture distributor. From this information, we know that her accounting profit was ________. $80,000 Ramona owns a small coffee shop, where she works full-time. Her total revenue last year was $200,000, and her rent was $5,000 per month. She pays her one employee $3,000 per month, and the cost of ingredients averages $1,000 per month. Ramona could earn $55,000 per year as the manager of a competing coffee shop nearby. Her accounting profit last year was ________. $92,000 A restaurant owner just found out his pizza bistro is losing money. What is one possible explanation for this loss? The revenue isn't being maximized. Which of the following costs is fixed in the long run? No costs are fixed in the long run
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