Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 21 Nov 2017 My Price 5.00

Gomez’s pottery firm

1) Gomez runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4000 per year if alternatively invested. He has been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3000 per year. Total annual revenue from pottery sales is $72,000.

(a) List the explicit costs for Gomez’s pottery firm. (3 points)

 

 

(b) List the implicit costs for Gomez’s pottery firm. (3 points)

 

 

(c) What is his accounting profit? Please show your work. (2 points)

 

 

(d) What is his economic profit? Please show your work. (2 points)

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Nov 2017 05:11 PM My Price 5.00

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