L11 Econ 1011 Lecture Notes - Lecture 8: Sudeshna, W. M. Keck Observatory, Opportunity Cost
22 Oct 2015
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Chris was the business manager for a real estate firm earning an annual salary of ,000. Chris hired an administrative assistant at ,000 per year and rents office space (utilities included) for ,000 per month. An output level of 25 units results in: economic profits of zero, positive economic profits, normal profits, accounting profits of zero, refer to the chart above. An economist would put the total cost of producing 15 units of output at: , , , , refer to the chart above. The law firm that hires duke is able to collect twice as much revenue per hour of duke"s time than it can for any other negotiator in town. Suppose the city of austin, tx chooses to regulate the number of street vendors operating near the university of texas by requiring each vendor to own a permit in order to operate.
