operate this business he does not have to hire anyone (but himself) and he has no expenses other than the leasing costs

William Howe must decide whether to start a business renting beach umbrellas at an ocean resort duri Show more William Howe must decide whether to start a business renting beach umbrellas at an ocean resort during June July and August of next summer. He believes he can rent each umbrella to vacationers at $5 a day and he intends to lease 50 umbrellas for the three-month period for $3000. To operate this business he does not have to hire anyone (but himself) and he has no expenses other than the leasing costs and a fee of $3000 per month to rent the business location. Howe is a college student and if he did not operate this business he could earn $4000 for the three-month period doing construction work. (a) If there are 80 days during the summer when beach umbrellas are demanded and Howe rents all 50 of his umbrellas on each of these days what will be his accounting profit for the summer? (b) What will be his economic profit for the summer? Show less


 

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