Jane owns her own business and is doing an economic analysis of her business for the year 2008. She Show more Jane owns her own business and is doing an economic analysis of her business for the year 2008. She generated $700000 revenue through the year. The cost of goods sold was $200000. Jane maintains a $100000 inventory. Utilities and other like expenses were $25000. Jane owns the building that her business is in. She could rent her building for $30000 per year if she didnt use it. She inherited the building from her parents so she has no intentions of selling it. Suppose the value of the building at the beginning of the year was $250000. At the end of the year it was worth $260000. Around the beginning of 2008 Jane was offered $80000 to come to work for an acquaintance in another business. Jane feels this is as much as she could get if she werent in business for herself. Jane paid out $160000 for employees. The sum of all other out-of-pocket expenses totaled $140000. Five years ago Jane purchased a bunch of equipment for her business. It cost her $220000 then. At the beginning of 2008 the equipment had a market value of $150000. At the end of the year it was worth $130000. Assume Jane could have earned 5 percent on the money she had tied up in her business. There would have to be $142500 in Janes pocket after all is said and done so-to-speak for Jane to have realized a zero economic profit. The economic profit Jane actually ends up earning is $32500. True False False Show less
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