Business, 25.12.2020 21:10 ibidnnudny2623

1.Enrique runs a flower stall in the local shopping mall. The stall rents for $1,600 a month. Enrique buys the flowers at $2 a bunch and sells them for $3 a bunch. He'll be open seven days a week, eight hours a day, and plans to sell 100 bunches of flowers a day. He's hired Rosita to work three hours each of the five school days and eight hours each day on Saturday and Sunday. Enrique pays Rosita $6 an hour. He works at the stall whenever Rosita is not working. If Enrique didn't work at the flower stall, he'd make $10 an hour as a cook. How much accounting profit and how much economic profit does Enrique make a week

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Answer from: joe7977

Enrique

a) Accounting profit = $114

b) Economic profit (loss) = ($136)

Explanation:

a) Data and Calculations:

Monthly Rent = $1,600

Cost price of flowers = $2 per bunch

Selling price of flowers = $3 per bunch

Operations are for 7 days (8 hours daily) = 56 hours

Quantity of flowers sold per day = 100 bunches

Quantity of flowers sold per week = 700 (100 * 7)

Employee hours = 5 * 3 + 2 * 8 = 31 hours

Hours worked by Enrique = 25 (56 - 31)

Employee wages = $186 ($6 * 31)

Opportunity cost: Enrique = 25 * $10 = $250 per week

Accounting profit:

Sales revenue ($3 * 700) = $2,100

Cost of sales ($2 * 700) = 1,400

Gross profit $700

Expenses:

Rent ($1,600/4) = 400

Employee wages = 186 586

Accounting profit = $114

Economic profit:

Accounting profit $114

Opportunity cost 250

Economic loss = $136

Answer from: Quest

answer; /// i do believe the correct answer is (possession utility);

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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1.Enrique runs a flower stall in the local shopping mall. The stall rents for $1,600 a month. Enriqu...

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