3. The annual revenue at Sunshine Restaurant in 2019 was $1,500,000. The fixed costs were $182,000 and the variable costs were $858,000. COVID-19 caused a substantial reduction in revenue in 2020 and for 2021, the owner re-forecasted revenues down to $1,100,000. What should the fixed costs be under the new budget? (Up to 50 words to answer)

Q: 1. Explain the difference between an implicit cost and an explicit cost, and how both costs relate…

A: 1.  Implicit cost is the cost that has already occurred in the past. However, these are not direct…

Q: When a profit-maximizing firm is earning profits, what can identify those profits?  A. (P – AVC) × Q…

A: Profit maximization is the goal of all the firms operating in the market.

Q: Blake decides to spend a spring day in the field planting wheat with some help from some workers he…

A: The Accounting profits is calculated as Total Revenues - Total cost (explicit cost) being incurred…

Q: A manager of a clothing firm is deciding whether to add another factory in addition to one already…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: CENGAGE MINDTAP omework(Ch 13) 1. Definition of economic costs Sean lives in Detroit and runs a…

A: Explicit cost refers to the cost which is incurred for running a business. It includes the payments…

Q: Q What is the relationship between AVC and ATC? Why? Relationship They intersect Reason:

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What is the total cost associated with producing eight units of the control variable, Q identify…

A: Marginal Cost refers to the additional cost incurred due to production of additional unit of output.…

Q: 2. Costing. Using the given information, compute the following: Total Cost Item Inclusion Unit Cost…

A: According to the question given, Total Cost = 155.70 Yield = 217 grams  The formula to calculate…

Q: A young chef is considering opening his own sushi bar. To do so, he would have to quit his current…

A: Implicit cost is the opportunity cost.

Q: Fillipe quit his old job where he had been earning $2,000 a month to start his own business. He also…

A: Salary = 2,000 Income from business = 1,000

Q: 57: The creation of a unit of good Y requires the work of 3 specialists and 7 units of capital. The…

A: Inputs: 3 Specialists 7 units of capital Going pay per labor = $4 Lease on a unit of capital = $1

Q: TC = Q3 – 12Q? + 100Q + 256 d. Write the equations of MC, AVC, and AFC. MC = %3D AVC = AFC = %3D e.…

A: TC=Q3-12Q2+100Q+256Here,TFC=256TVC=Q3-12Q2+100QNow,AFC=TFCQAFC=256Qand,TVC=Q3-12Q2+100QAVC=TVCQAVC=Q…

Q: Blake decides to spend a spring day in the field planting wheat with some help from some workers he…

A: The accounting profit is the profit which is represented on the income statement of the company. The…

Q: Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 20,700…

A: * SOLUTION :-   Given that ,

Q: Use the following table to calculate AVC - use previous calculations and keep your calculation for…

A:

Q: Suppose that a business incurred implicit costs of $400,000 and explicit costs of $4 million in a…

A: Answer: Accounting profit = Total revenue - Explicit cost Total revenue=Price×quantityTotal…

Q: . Your mother owns and runs an arts and craft store, and the business is doing well. She would have…

A: An economic profit is the difference between the revenue a commercial entity has received from its…

Q: Interest Table Cost.1.2: Amount Rates Loan #1 = $25,000 2.40% %3D Loan #2 = $40,000 2.50% %3!…

A: find below the explanation.

Q: Anthony quit his job where he was earning an annual salary of $48,000 to open his own business.…

A: Explicit costs are the expenditures incurred by an individual or a business out of its own pockets.…

Q: 5. Consider the accompanying breakeven graph for an investment, answer the following questions. a)…

A: Since you have provided multiple subpart question, we will solve the first three subpart for you. If…

Q: 10. The number of Manpower required for a software project in terms of time to complete. Is called…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Q 4: Answer the questions below using the following Table (you can also take help from the Figures…

A: The MC of graduate students rises rapidly which means MC falls at a diminishing rate. As MC rises…

Q: Julius builds dining chairs that he sells for $200 a chair. His fixed costs are $1,000 (for workshop…

A: Given:P = $200, FC=$1000, VC= $50 + $25.Total cost = FC+ VC*q + 25 (q-1) = 1000 + 50q + 25q- 25TC=…

Q: 30. If MC = AVC, then: a AVC is at its low point. b. MC is at its low point. c. AVC is rising. d.…

A: The profit maximizing point of a firm occurs at the point where Marginal revenue (MR) equals to…

Q: One of the challenges of business—and life—is planning for an uncertain future. We introduced the…

A: PESTEL analysis is a framework or methodology that marketers use to study and track…

Q: 4. A firm may only increase its output by increasing the quantities of all types of inputs,…

A: Returns to scale: It is a long-run case in which producers have the opportunity to make changes in…

Q: During the month of July, your company makes $12,000 in total sales. Supplies cost you $3,000, and…

A: Answer: Given, Total revenue from sales = $12,000 Total explicit cost = Cost of supplies + Payment…

Q: [1st_itemBCD] *problem situation in the photo below* Required: In Problem 1, what is Merrilyn’s…

A: Accounting Profit = Total Revenue - Total Explicit Cost Economic Profit = Total Revenue - Total…

Q: 5. Marginal Analysis. In each of the situations below you are asked to make a business decision…

A: An examination of the associated benefits and costs of specific activities or financial decisions…

Q: 5. Consider the accompanying breakeven graph for an investment, answer the following questions. a)…

A: Since you have posted multi subparts question. So as per answering guideline, we will solve first 3…

Q: The function f determines the cost (in dollars) of a new Honda Accord in terms of the number of…

A: Given, f(t) is the cost (in dollars) of a new honda accord t years after 2000. (a) Cost of a new…

Q: Harvey quit his job at State University, where he earned $45,000 a year. He figures his…

A: Given; Harvey's salary from job= $45000 His entrepreneurial income= $5000 Bonds he cashed in, to…

Q: Thomas, a highly successful manager, quit his job in a large retail store so that he could start his…

A: The key motive that drives the firms in a market is profit. Profit is calculated by subtracting…

Q: Tom runs a shoe-shine stand at the airport. Tom has no skills, no job experience, and no alternative…

A: Explicit cost is the direct out of pocket expense for a firm for example wages and salaries, rent,…

Q: An individual leaves a college faculty, where she was earning $70,000 a year, to begin a new…

A: The accounting profit will be? Explanation : Add all the costs of her business which include office…

Q: What is the difference between Interest Accrued and Interest Expense?   Can you give me a simple…

A: Accrued refers to something which has happened but is not paid for yet.

Q: Sandra lives in Melbourne and runs a business that sells guitars. In an average year, she receives…

A:

Q: Blake decides to spend a spring day in the field planting wheat with some help from some workers he…

A: Total revenue of Blake = $870 Blake incurred renting cost of tractor = $50 Fertilizer cost = $150…

Q: exter set up a computer repair business out of his home office. Based on the square footage of his…

A: Fixed cost for payment of mortgage expenses =$400 per month  Monthly internet bill =$45 Monthly…

Q: 2 On the same set of axes plot TFC, TVC, and TC schedule based on the following table: a. Compute…

A: AFC=TFCQAVC=TVCQATC=ATCQMC=∆TC∆Q

Q: Data for the break-even analysis (per month) Selling rice per unit PhP 1,000 Variable cost per unit…

A: Units Variable cost Fixed cost Total cost Total sales revenue Profit 10 =600*A2 16000 =B2+C2…

Q: 8. Stage II of Law of Variable Proportions is called: (a) Diminishing returns (b) Decreasing returns…

A: The Law of Variable Proportions is a key concept in economic theory. The Law of Proportionality is…