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Question: last year jarod left a job that pays 80000 to...

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Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod’s shop charges $65 for a repair, and last year the shop performed 5,000 repairs. Jarod’s production costs for the year included rent, wages, and equipment. Jarod spent $60,000 on rent and $100,000 on wages for his employees. Jarod keeps whatever profit the shop earns but does not pay himself an official wage. Jarod used $30,000 of his savings to buy a machine for the business. His savings were earning an annual interest rate of 4 percent.

Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarods shop charges $65 for a repair, and last year the shop performed 5,000 repairs. Jarods production costs for the year included rent, wages, and equipment. Jarod spent $60,000 orn rent and $100,000 on wages for his employees. Jarod keeps whatever profit the shop earns but does not pay himself an official wage. Jarod used $30,000 of his savings to buy a machine for the business. His savings were earning an annual interest rate of 4 percent. Instructions: Round your answers to the nearest dollar and include a negative sign if appropriate. 7.5/15 points awarded a. What is Jarods annual accounting profit? Scored $ 163,800 b. What is Jarods annual economic profit? $ 83,8002 Check my work View previous attempt 31 - Use the market represented in the figure below to plot the equilibrium price and quantity. Then, draw the consumer surplus when the market is in equilibrium. Instructions: Use the tools provided to plot the equilibrium price and quantity (EQ) and to draw the consumer surplus (CS). Click on the graph to plot the equilibrium point and to place your surplus triangle. Drag the points to move or resize 15 points CS eBook Price (S) $16.00 $15.00 $14.00 $13.00 $12.00 $11.00 $10.00 %9.00 58.00 $7.00 $8.00 $5.00 $4.00 $3.00 52.00 $1.00 $000 References EQ I0 20 30 40 50 60 70 80 90 1002 Check my work View previous at 31 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 15 points 0 10 20 30 40 50 60 70 80 0 100 eBook Quantity References reset Instructions: Round your answer to the nearest dollar The value of consumer surplus at the equilibrium price isCalculate producer surplus for each producer when the price is $20. Instructions: Round your answers to the nearest whole number. Answer is complete but not entirely correct. Willingness to sell one unit Producer Seller surplus 0.00 2.00 0.00 0.00 0.00 0.00 0.00 3.00 0.00 21$ 4 30 S q32 12 $ 15 $ 51 23 $ Total producer surplus at this price is

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