Get this or a similar paper done in as fast as 4 hours, 24/7.
NB: We do not sell prewritten papers. All essays are written from scratch according to are specific needs and instructions
1-Lola is the owner of a bakery that earns 0 (zero) economic profit. Last year,
1-Lola is the owner of a bakery that earns 0 (zero) economic profit. Last year, her total revenue was $145,000, her rent was $12,000, her labor costs were $65,000, and her overhead expenses were $15,000.
a. What were Lola’s total explicit costs? provide an incorrect answer
b. What were Lola’s total implicit costs?
c. Currently, Lola has 7 employees; with 7 employees, her bakery can produce 12 wedding cakes per day. If she hired an eighth employee, she’d be able to produce 16 wedding cakes per day. What is the marginal product, in terms of wedding cakes, of the eighth employee?
2- Explain the difference between the price effect and the output effect when a new firm enters a market. include the number “13” in your answer with an example of the number of firms
Fully define all economics terms used.
Get this or a similar paper done in as fast as 4 hours, 24/7.
NB: We do not sell prewritten papers. All essays are written from scratch according to are specific needs and instructions
Leave a Reply