. Before Sarah quit her job as a carpenter, she was earning $35,000 per year. She rented a building for $12,000 per year and opened a cabinet shop. She spends $148,000 per year for labor, materials, utilities, and advertising.

Economics

Statistics Project

. Before Sarah quit her job as a carpenter, she was earning $35,000 per year. She rented a building for $12,000 per year and opened a cabinet shop. She spends $148,000 per year for labor, materials, utilities, and advertising.
• How much revenue will the business have to earn in order to break even in terms of business profit?
• How much revenue will the business have to earn in order to break even in economic terms?
• Suppose that Sarah buys the building. Now how much will the business have to earn in order to break even in economic terms?

2. What is the difference between unethical and unlawful behavior? Please provide examples for both behaviors in your discussion.

3. According to Milton Friedman, “Business has only one social responsibility – to make profits (as long as it stays within the legal and moral rules of the game established by society). Few trends could so thoroughly undermine the very foundations of our society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible.” Explain why you agree or disagree with such a statement.
Additional information:
Milton Friedman was the recipient of the Nobel Memorial Prize in Economic Sciences in 1976.
“Not looking to your own interests but each of you to the interests of the others” (Philippians 2:4, NIV).
Target’s community giving: “Target has a long-standing tradition of strengthening families and communities through innovative programs and partnerships. Since 1946, we have contributed 5 percent of our annual income to support families and communities, and today we remain one of very few companies that maintain this level of sustained giving. Target gives more than $3 million each week to the communities in which we do business. Our giving is directed both by Target and by the Target Foundation, each with specific areas of focus and commitment” (Target Corporate Responsibility Report 2007, p. 3).
The paper must fully meet the following:

• The prompt must fully addressed/answered in the thread.
• The thread is at least 300 words
• References at least three peer-reviewed sources (published with the last four years), one biblical integration, and one reference from the textbook
• Provide integration of a biblical concept that supports the paper. Biblical integration is more than just quoting a verse. Be sure to explain the biblical principle seen in the verse and how that principle may be applied to the issue at hand.
• The Bible, NIV, KJV, and NKJV are all acceptable for use in this order.
• All sources are cited in current APA format.
• Proper spelling and grammar are used.
• Sentences are complete, clear, and concise

Part 2 – You are required to answer a set of questions that are taken from the end-of-chapter discussion questions and problems. Use the attached spreadsheets to complete each Questions for Critical Thinking assignment.
From the end-of-chapter discussion questions (DQ) and problems (P)

Salvatore Chapter 1:

a. Discussion Questions: 9.
b. Problems: 6, 15, and spreadsheet problem (p. 39)

Note:
1. P15(d): Change “… for $50,000 more than …” to “… for $50,000 less than …” Compare the present value of economic profit in each of the next three years and the loss of $50,000 in the third year using 15% as the discount rate.

2. The spreadsheet problem (b): Calculate a mean, …. to statistically describe the data of both variables, Time and Age.

Froeb et al. Chapter 3:

a. Individual problems: 3-1 and 3-3.

Salvatore Chapter 3:

a. Discussion Questions: 9.
b. Problems: 1(a), 7, and 9.

Note:
1. DQ9: Does maximum sales (revenue) equal maximum profit (see figure 3-4)?
2. Revised P1(a): Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 4 by 1s.
Average revenue (AR) = total revenue (TR)/Q
Marginal revenue (MR) = change in total revenue/change in Q

For example:

Q TR AR MR
2 14 7 (=14/2)
3 18 6 (=18/3) 4 (=(18-14)/(3-2)

3. Revised P9: With the total-revenue schedule of Problem 1 and the total-cost schedule of Problem 7, show the profit-maximizing level of output (profit=TR-TC).

Froeb et al. Chapter 4:

a. Individual problems: 4-5


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