VsV sew... . ._.-._... 1 . . 90 t5 Question 3 p Each answer on this question is worth 10 points. Georgia is a working artist. Georgia spends $10,000 per year on painting supplies, energy bills and taxes in her current career as a Painter. She uses a painting studio she owns for her painting and storage. If she rented this space to someone else she could receive $30,000 per year. She recently received a $100,000 job offer from a high powered Marketing rm. However, she turned the job down to continue her Painting career. Assume Georgia will sell 10 paintings per year at a price of $15,000 each. All answers below are per year. . . l . 1. Based on these numbers what are her ExplICIt costs? 53' i no units. 2. What do Explicit Costs represent. Choose Answer letter based on choices below. . i Enter A, B, or C. A. Put A for: Your Total Revenue Total Opportunity Cost B. Put B for: Your Payments for use of resources others own C. Put C for: Opportunity costs of using resources you own for this activity 3. What are her Accounting Prots per year in her painting career?$. . no units. 4. What is the denition of Acounting Prots? Enter A, B, or C. A. Put A for: Total Revenue Total Opportunity Costs B. Put B for: Total Revenue lmplicIt Costs C. Put C for: Total Revenue Explicit Costs 7 A l 5. Based on these numbers what are her Implicit costs? $_ l no units. 6. What do Implicit Costs represent. Choose Answer letter based on choices below. i 1 Enter A, B, or C. A. Put A for: Your Payments for use of resources others own B. Put B for: Opportunity costs of using resources you own for this activity C. Put C for". Your Total Revenue Explicit Costs "w\" l 7. What is the denition of Economic Prots? Choose Answer letter based on choices below. i l Enter A, B, or C. A Put A for: Total Revenue - Total Opportunity Costs 8. Put B for. Total Revenue Total Explicit Costs C. Put C for: Total Revenue + Total Opportunity Costs 8. What are her Economic Prots per year in her painting career? 1': no units. 9. Did Georgia choose correctly in rejecting thejob offer? Assume her objective is to maximize her Economic Prots. Choose Answer letter based on choices below. FFT'' \\ ' : J Enter A, B, C or D. A. PutA for: No as long as her Econ Prot is O Good decision l__