You own and are the only employee of a company that sells custom embroidered pet sweaters. Last year your total revenue was $120,000. Your costs for equipment, rent, and supplies were $30,000. To start this business, you invested an amount of your own capital that could pay you a $50,000 a year return. Calculate the economic cost, normal rate of return, accoynting profit and economic profit. 3) What is the relationship between average total cost and marginal cost? 4) What is the difference between accounting cost and economic cost? 5) Define the normal rate of return. If a business has steady revenues and the future looks secure, what should the normal rate of return equal? Why?
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You own and are the only employee of a company that sells custom embroidered pet sweaters. Last year...
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