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I need help with this worksheet Andrews runs a small pottery finn. In his first year, he hired one helper at $12,000 per year, paid

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I need help with this worksheet

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Andrews runs a small pottery finn. In his first year, he hired one helper at $12,000 per year, paid annual rent of $5,000 for his shop, and spent $20,000 on materials He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4,000 per year if alternatively invested. He had been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,000 per year. Total annual revenue from pottery sales is $72,000. 1. What are his explicit costs? 2. What are his implicit costs? 3. What are his fixed costs? 4. What are his variable costs? 5. What are his total accounting costs? 6. What are his total economic costs? 7. Calculate his accounting profit. S. Calculate his economic profit

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