accounting profits and economic profits for Gomez’s pottery. Explicit costs: $37‚000 (= $12‚000 for the helper + $5‚000 of rent + $20‚000 of materials). Implicit costs: $22‚000 (= $4‚000 of forgone interest + $15‚000 of forgone salary + $3‚000 of entreprenuership). Accounting profit = $35‚000 (= $72‚000 of revenue - $37‚000 of explicit costs); Economic profit = $13‚000 (= $72‚000 - $37‚000 of explicit costs - $22‚000 of implicit costs). 8-4 (Key Question) Complete the following table by calculating
Premium Economics of production Variable cost Costs
countries have been experiencing the growth of crime rate. In response many countries are building new prisons‚ but they are just increase the number of inmates instead of solving this problem. Perhaps‚ we need to look back at the roots of this issue and facing the possible causes. The TV and computer games are considered to be one of the reasons of crime level and violence increase. Violent actions‚ murders in virtual worlds or on TV screen are changing our vision of morale. I believe‚ that it is unrealistic
Premium Problem solving Poverty Sovereign state
Comparison of UK and China’s Bicycle markets 1. Introduction: With the advent of the improvisation of technology in the transport‚ communication and information transfer like internet‚ the providence of the small businesses and large scale businesses as well was greatly changed in the last five decades. The pursuit for the expansion of market place is no longer limited to a place or country but it has become a global competition. Besides‚ it was reported that the world trade expansion has
Premium Cycling Bicycle
or pay ranges.Structure setting and adjustment is the process of developing‚ adjusting‚ and maintaining a pay structure. | Purpose | Pay structures are used to help organizations: * maintain pay levels that are competitive with the external labor market‚ * maintain internal pay relationships among jobs‚ * recognize and reward differences in level of responsibility‚ skill‚ and performance‚ and * manage pay expenditures.Structure setting and adjustment provides a systematic way to manage
Premium Structure Public sector Organization
manufacturing Giant Manufacturing has become the world’s largest bicycle manufacturer. Professor Willy Shih (Harvard) looks at its climb to the top and its recent foray into all-women’s bike stores. The world’s largest bicycle manufacturer was born thanks‚ in part‚ to a typhoon. That typhoon destroyed King Liu’s eel farming business. Turning to something completely different‚ the Taiwanese engineer assembled eight partners to create Giant‚ a bicycle manufacturing business located outside Taichung‚ Taiwan
Premium Bicycle Retailing Harvard Business School
Unit three: Principles of managing information and producing documents Assessment You should use this file to complete your Assessment. • The first thing you need to do is save a copy of this document‚ either onto your computer or a disk • Then work through your Assessment‚ remembering to save your work regularly • When you’ve finished‚ print out a copy to keep for reference • Then‚ go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make
Premium Confidentiality Secrecy Customer
Crime is on increase Unorganized society commonly caused by many reasons especially the vandalism that leads to unexpected crimes. As we know that‚ the number of crime committed is increasing day by day while there are also the varieties of its consequences as well as the solutions. In the next paragraphs‚ both causes and effects of crime will be discussed after one anther which will also be followed by the beneficial solutions. One of the causes of crime is the poor parenting skill which simply
Premium Crime Criminology Criminal justice
W QDL= f(W) We recap by recalling labour costs where when costs Go up‚ companies create a more mechanized form of labour Therefore‚ labour becomes more capital intensive. QDL C ∑ LD‚ W (the elasticity of labour demand with respect to wage = % change LD (demand for labour) % change in wage (w) WHEN WE LOOK AT THE SUPPLY OF LABOUR = LS = g(w‚ # of earners‚ level of education) Note: the increasing level of education increases the hour of work (LS) Sidenote: explained about wealth – which
Premium Supply and demand
Is Bicycle Commuting Right for You? Whether you want to help make the world a greener place‚ or simply want the exercise‚ bicycle commuting is an appealing idea. Think about it: You start your day with a pleasant‚ leisurely bicycle ride to work. You arrive refreshed and energized. You’ve gotten your daily dose of exercise‚ your blood is circulating‚ and now you can start your day. For some working mothers‚ bicycle commuting is a great option for these reasons. However‚ if the mere thought of pedaling
Premium Cycling Bicycle
Ronald Coase noted‚“The cost of doing anything consists of the receipts that could have been obtained if that particular decision had not been taken.” For example‚ the opportunity set for this Friday night includes the movies‚ a concert‚ staying home and studying‚ staying home and watching television‚ inviting friends over‚ and so forth. The opportunity cost of taking job A included the forgone salary of $102‚000 plus the $5‚000 of intangibles from job B. Opportunity cost is the sacrifice of
Premium Costs Parking Variable cost