Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer both questions please :) A firm's output, variable costs, and total costs are given in the table below. Instructions: Enter your answers as a

image text in transcribed
image text in transcribed
Answer both questions please :)
A firm's output, variable costs, and total costs are given in the table below. Instructions: Enter your answers as a whole number. a. Calculate marginal cost using the formula given in the chapter: Total cost/ Q Quntity. b. Calculate Variable cost/ Quantity. Madeline quit her job, at which she was earning $20,000 per year. She took $50,000 out of savings, for which she was earning 10 percent interest, and used it to buy supplies for her new business. She paid $10,000 in rent on the building and $15,000 in additional labor costs. In her first year of operations, Madeline received $150,000 in revenue from sales. Instructions: Enter your answers as a whole number a. What is Madeline's accounting cost? $ b. What is Madeline's economic cost? $ c. What is Madeline's accounting profit? $ d. What is Madeline's economic profit? $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Governmental Accounting Auditing And Financial Reporting

Authors: Stephen J. Gauthier

1st Edition

0891252754, 978-0891252757

More Books

Students also viewed these Accounting questions

Question

2. Develop a persuasive topic and thesis

Answered: 1 week ago

Question

1. Define the goals of persuasive speaking

Answered: 1 week ago