1. The following is costs and revenue information for Bert's Southern Cooking Restaurant: She borrowed...
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1. The following is costs and revenue information for Bert's Southern Cooking Restaurant: She borrowed $60,000 from Bank with interest of 10% per year, Wages paid to workers = $120,000, Utilities (electricity, water, disposal) costs = $8,000, Food supplies purchased= $100,000, Normal Profit - $25,000, Bert's forgone interest on personal funds used to finance the business = $6,000, Bert's foregone salary - $35,000, Annual rent/lease on equipment paid= $22,000, Restaurant is located in a building she owns. She had been renting it to someone for 35,000 per year but now uses the building for the restaurant, Bert's Restaurant sold $358,200 Southern Cooking meals. 2. Bert's Restaurant implicit costs are: $ List them, b. Bert's Restaurant explicit costs are: $ List them. c. Bert's Restaurant accounting profit is: d. Bert's Restaurant showed economic profit of $ e. Refer to the above data. Bert's opportunity costs are $ f. Bert's Restaurant total revenues exceed its total costs by: $ 8. If, other things being equal, Bert's Restaurant's revenue fell to $300,000, it would earn $ accounting profit and $ economic profit
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