7. After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $100,000 worth her art each year. She found a studio that she can rent for $2,000 per month and know that materials will cost her $20,000 per year. She now earns $90,000 per year. If her calculations are correct, Jean's annual economic profits from the venture will be. a) $80,000 b) $56,000 c) $10,000 d) -$34,000

7. After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $100,000 worth her art each year. She found a studio that she can rent for $2,000 per month and know that materials will cost her $20,000 per year. She now earns $90,000 per year. If her calculations are correct, Jean's annual economic profits from the venture will be. a) $80,000 b) $56,000 c) $10,000 d) -$34,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2 You run a business selling used hand tools. The rent on your building is $1400/month. Utilities average $600 month. Your average cost to buy your used hand tools from a wholesaler is $9.5/tool. You spend S0.50/tool to package and individually price them. You have two employees in your store during the opening hours that sell the tools. Each employee gets a salary of $12/hour. Your store is open 10 hours/day, every day of the week. Over the course of a year, this averages out to 30 days'month. The average selling price for a used tool is $22. How many tools per month must be sold to make $4000 profit each month.
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Mark is currently earning $44,000 a year. He has worked for this firm for 5 years. He is considering a job that will increase his lifetime earnings by $240,000 but that requires a Ph.D. in finance. The job will mean also attending a full-time finance program for four years at an annual cost of $28,500. Mark already completed an MBA, for which he spent $86,000 in tuition and books. Would he take the job and attend the Ph.D. program? Calculate: Insutructions: Use ono decimals. Use commas (30,000, not 30000). Opportunity costs of this decision = $ MC = $ MB = $ Sunk Costs = $