Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
1. Dane decides to give up a job earning $200,000 per year as a corporate lawyer and converts a
duplex he owns into a UFO museum. The market rent for a similar duplex is $20,000 a year. He
pays wages of $75,000 a year to his assistants and $10,000 a year for utilities. Fans flock to the
museum to see his collection of extraterrestrial paraphernalia. Over the course of the year, the
museum brings in revenues of $200,000.
Use the information above to answer the following questions. [Hint: ignore that value of Dane’s
a. Calculate Dane’s accounting profits [5 points]
b. Calculate Dane’s economic profits [5 points]
c. Based on the performance of the museum in this one year, should Dane have quit his job as
a corporate lawyer? Briefly explain why or why not. [5 points]
2. Suppose an assistant professor of economics is earning a salary of $75,000 per year. One day,
she quits her job, sells $100,000 worth of bonds that had been earning her 3 percent per year,
and uses the funds to open a bookstore. At the end of the year, she shows an accounting profit
of $80,000. What is her economic profit? [show all your work] [5 points]
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more