Business, 12.03.2021 20:10, 25cotahai

The city of New Orleans has 200 advertising companies, 199 of which employ designers of normal ability at a salary of $100,000 a year. The firms that employ designers of normal ability each collect $600,000 in revenue a year, which is just enough to ensure that each earns exactly a normal profit. However, the 200th company employs Janus Jacobs, an unusually talented designer. Because of Jacobs's talent, this company collects $1,000,000 in revenue a year. a. How much will Jacobs earn?

$ per year.

What proportion of her annual salary will be economic rent?
Instructions: Enter your response as a percentage rounded to the nearest whole number.

%.
b. Will the advertising company for which Jacobs works be able to earn an economic profit?
Yes/No

Answers: 3

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The city of New Orleans has 200 advertising companies, 199 of which employ designers of normal abili...