Three college students consider the option of forming a lawn care and landscaping business during their summer vacation.They estimate the following costs:
Their projected revenue depends on the number of lawns serviced.The price per job is $30.The going wage for a typical unskilled college student is about $2,400 for the summer months.Derive an equation for total accounting profit and total economic profit.Should the students launch the business if they expect to service about 200 lawn jobs during the summer?
Definitions:
Chili Dogs
A popular food item consisting of a hot dog served in a bun and topped with chili sauce.
Law Of Effect
One of Thorndike’s laws of learning, which states that the consequence, or effect, of a response will determine whether the tendency to respond in the same way in the future will be strengthened or weakened.
Edward Thorndike
An influential psychologist known for his work on learning theory and the law of effect.
Formulated
The process of creating or devising a strategy, plan, or concept in a detailed and systematic manner.
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