Imran is a dairy farmer and currently has revenues of $35622 per month. The only costs...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Imran is a dairy farmer and currently has revenues of $35622 per month. The only costs associated with running the farm are fixed costs of $104043 per year. As a result of a large increase in demand for alternative forms of milk in the market Imran serves, he is deciding whether or not to start producing meat instead of milk. He estimates his revenues from producing meat will be $68255 per month. What is Imran's monthly economic loss from producing milk? Assume the same farm running costs apply to the meat option as well as the milk option. Answer as a positive number to the nearest whole value (with no decimal places, $ or signs, spaces or commas). Imran is a dairy farmer and currently has revenues of $35622 per month. The only costs associated with running the farm are fixed costs of $104043 per year. As a result of a large increase in demand for alternative forms of milk in the market Imran serves, he is deciding whether or not to start producing meat instead of milk. He estimates his revenues from producing meat will be $68255 per month. What is Imran's monthly economic loss from producing milk? Assume the same farm running costs apply to the meat option as well as the milk option. Answer as a positive number to the nearest whole value (with no decimal places, $ or signs, spaces or commas).
Expert Answer:
Related Book For
Financial Accounting and Reporting
ISBN: 978-1292162409
18th edition
Authors: Barry Elliott, Jamie Elliott
Posted Date:
Students also viewed these economics questions
-
The equipment was expected to have a useful life of three years, or 25,000 operating hours, and a residual value of $4,500. The equipment was used for 12,000 hours during 2008, 9,000 hours in 2009,...
-
Use the table below to answer the following questions: Quantity Demand (Price) Marginal Revenue Marginal Cost Average Cost 1 $1200 1200 500 500 2 1100 1000 275 388 3 1000 800 225 333 4 900 600 250...
-
Aston Ltd is a luxury goods manufacturer in the process of diversifying its business. Aston Ltd has reached an agreement with Chivas Ltd, a small basic materials company, to take over Chivas Ltd. The...
-
Venator fund has a 5% front load. The fund had 13.1% return over the last 5 years. What is the actual annual return for investor invested in the fund for 5 years?
-
Do professional golfers play better in their first round? Let row B represent the score in the fourth (and final) round, and let row A represent the score in the first round of a professional golf...
-
Businesses use budgets to plan for the future. Thats what you will be doing for this assignment. Rather than budgeting for your current financial situation, I want you to put together a budget for...
-
Describe the SECs role in regulating securities transactions in the United States. Discuss the mission and purpose of the SEC.
-
A small company maintains a petty cash fund for minor expenditures. The following transactions occurred in June and July 2011: a. The fund was established in the amount of $300.00 on June 1 from the...
-
Sketch a hand written a Enhanced ER diagram for this table and fix the error if there is Message cation D Notification UserNotif Password UserName UserID RoleID User D Phone User # Role securityID...
-
Condensed financial data for Next Wave Company follow: NEXTWAVE COMPANY Comparative Statement of Financial Position NEXTWAVE COMPANY Statement of Earnings Data For the year ended December 31, 2011...
-
X contributed rental real estate (land and building) that was held for investment to a partnership in exchange for a 50% interest. The real estate has a tax basis of $1.2 million and a fair market...
-
Use the power spectral density P(n4f), generate stochastic processes s(mT) having this energy distribution where T is the sampling period and M the desired number of signal samples in time. This is...
-
Imagine you are on the sustainability team for one of the following companies: Walmart. Zara, Microsoft, or Amazon. Propose one new "game-changing" or innovation project to improve its supply chain...
-
Please help with question 5b !!! Please help with question 3 !!! Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM, Inc., has been experiencing financial...
-
How did Coca-Cola ensure that the ERP system would integrate all its business functions?
-
Home Goods has paid annual dividends of $.58, $.70, $.74, and $.75 per share over the last four years, respectively. The stock is currently selling for $15.00 a share. What is the cost of equity?
-
A pinion delivers 25 hp to a spur gear through an idler as shown in the figure. The pinion, the gear, and the idler have 15, 25 and 45 teeth, respectively with a 25 pressure angle and a diametral...
-
What did Lennox gain by integrating their WMS, TMS, and labor management systems?
-
George plc will need to adopt IFRS 9 from accounting periods beginning on or after 1 January 2018. George has three different instruments whose accounting George is concerned will change as a result...
-
Geoworld Enterprises plc has the following information extracted from its statement of income and payroll systems:...
-
Under a contract between a customer, Charlie (C) and a freight carrier Solutions Ltd (S), S provides C with 10 rail cars for five years. The cars, which are owned by S, are specified in the contract....
-
The latent heat of vaporization per unit mass of a pure substance at a given temperature, \(\lambda\), is defined as the difference in enthalpy between the saturated vapor and saturated liquid at the...
-
Calculate the absolute humidity, relative saturation, and dew-point temperature of a mixture of benzene-nitrogen at a pressure of \(1.5 \mathrm{bar}\) and temperature of \(320 \mathrm{~K}\) if the...
-
It is desired to dehumidify \(1.2 \mathrm{~m}^{3} / \mathrm{s}\) of air, available at \(311 \mathrm{~K}\) with a wet-bulb temperature of \(303 \mathrm{~K}\), to a wet-bulb temperature of \(288...
Study smarter with the SolutionInn App