Assume That the Year Is 1990 and You Are a Seeking

question 94

Essay

Assume that the year is 1990 and you are a seeking to establish a business for yourself.
a.Trained as a business person, you wish to become an entrepreneur.
a.You purchase a plot of 40 acres of land, declaring to the federal government that you intend to carry out hard rock mining on this 40 acres, since you believe there are valuable minerals underground on this land.
a.After a couple of years of effort, you decide to pursue other business ventures and sell this land at $5,000 per acre to a person who wishes to establish a dude ranch resort.Using the U.S.
a.General Mining Law of 1872 as your reference, discuss your original financial investment and your ending financial situation.
a.(Exclude the cost of buildings and equipment for this particular instance.)

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Definitions:

Population Increases

refers to the rise in the number of people in a particular area, affecting various aspects of society including demands for goods and services.

Fixed Costs

Those costs that remain essentially at the same level, regardless of any changes in the volume of production.

Variable Cost

Expenses that change in proportion to the activity of a business, such as costs for raw materials or production.

Charge Price

The action of setting a specific amount of money as the cost for a product or service.