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Managerial Economics & Business Strategy 8th Edition by Michael Baye,Jeff Prince
النسخة 8الرقم المعياري الدولي: 978-1259129858Managerial Economics & Business Strategy 8th Edition by Michael Baye,Jeff Prince
النسخة 8الرقم المعياري الدولي: 978-1259129858 تمرين 1
Jamie is considering leaving her current job, which pays $75,000 per year, to start a new company that develops applications for smart phones. Based on market research, she can sell about 50,000 units during the first year at a price of $4 per unit. With annual overhead costs and operating expenses amounting to $145,000, Jamie expects a profit margin of 20 percent. This margin is 5 percent larger than that of her largest competitor, Apps, Inc.
a. If Jamie decides to embark on her new venture, what will her accounting costs be during the first year of operation? Her implicit costs? Her opportunity costs?
b. Suppose that Jamie's estimated selling price is lower than originally projected during the first year. How much revenue would she need in order to earn positive accounting profits? Positive economic profits?
a. If Jamie decides to embark on her new venture, what will her accounting costs be during the first year of operation? Her implicit costs? Her opportunity costs?
b. Suppose that Jamie's estimated selling price is lower than originally projected during the first year. How much revenue would she need in order to earn positive accounting profits? Positive economic profits?
التوضيح
موثّق
موثّق
Accounting Profit = Total Revenue - Explicit Cost
Economic Profit = Total Revenue - Explicit Cost - Implicit Cost
Accounting or Explicit Cost: The cost of inputs and the payments made to hired factors of production like, rent, wages, interest and salaries etc.Implicit Cost: The cost of giving up the best alternative use.Opportunity Cost: Explicit Cost +Implicit Cost
a.Accounting or Explicit Cost: The cost of inputs and the payments made to hired factors of production like, rent, wages, interest and salaries etc. J's Accounting costs during the first year of operation are her overhead costs and operating costs = $145,000
Implicit Cost: The cost of giving up the best alternative use. J's Implicit cost is the payment at the current job which she is considering leaving to start her own company = $75,000 per year
Opportunity Cost: Explicit Cost +Implicit Cost
J's opportunity cost will be $145,000+$75,000=$220,000
b.Accounting Profit = Total Revenue - Explicit Cost
To earn positive accounting profit J's revenue should be greater than $145,000 which is her explicit cost.
Economic Profit = Total Revenue - Explicit Cost - Implicit Cost
To earn positive economic profit J's revenue should be greater than her opportunity cost i.
e. explicit cost + implicit cost i.
e. $220,000.
Economic Profit = Total Revenue - Explicit Cost - Implicit Cost
Accounting or Explicit Cost: The cost of inputs and the payments made to hired factors of production like, rent, wages, interest and salaries etc.Implicit Cost: The cost of giving up the best alternative use.Opportunity Cost: Explicit Cost +Implicit Cost
a.Accounting or Explicit Cost: The cost of inputs and the payments made to hired factors of production like, rent, wages, interest and salaries etc. J's Accounting costs during the first year of operation are her overhead costs and operating costs = $145,000
Implicit Cost: The cost of giving up the best alternative use. J's Implicit cost is the payment at the current job which she is considering leaving to start her own company = $75,000 per year
Opportunity Cost: Explicit Cost +Implicit Cost
J's opportunity cost will be $145,000+$75,000=$220,000
b.Accounting Profit = Total Revenue - Explicit Cost
To earn positive accounting profit J's revenue should be greater than $145,000 which is her explicit cost.
Economic Profit = Total Revenue - Explicit Cost - Implicit Cost
To earn positive economic profit J's revenue should be greater than her opportunity cost i.
e. explicit cost + implicit cost i.
e. $220,000.
Managerial Economics & Business Strategy 8th Edition by Michael Baye,Jeff Prince
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