Study Aids:
Click the Study Aids tab at the bottom of the book to access your Study Aids (usually practice quizzes and flash cards).
Study Pass:
Study Pass is our latest digital product that lets you take notes, highlight important sections of the text using different colors, create "tags" or labels to filter your notes and highlights, and print so you can study offline. Study Pass also includes interactive study aids, such as flash cards and quizzes.
Highlighting and Taking Notes:
If you've purchased the All Access Pass or Study Pass, in the online reader, click and drag your mouse to highlight text. When you do a small button appears – simply click on it! From there, you can select a highlight color, add notes, add tags, or any combination.
Printing:
If you've purchased the All Access Pass, you can print each chapter by clicking on the Downloads tab. If you have Study Pass, click on the print icon within Study View to print out your notes and highlighted sections.
Search:
To search, use the text box at the bottom of the book. Click a search result to be taken to that chapter or section of the book (note you may need to scroll down to get to the result).
View Full Student FAQs
2.7 The Conclusion for Our Students
Our students will look at this analysis and decide not only to go forward with the ice cream business on the beach but to charge $1.80, since that is the price on the demand curve corresponding to a sales volume of 30,000 ice cream bars. Their expected revenue will be $54,000, which coincidently is the same as in the original plan, but the economic costs will be only $49,000, which is lower than in the original analysis, and their economic profit will be slightly higher, at $5000.
At first glance, a $5000 profit does not seem like much. However, bear in mind that we already assigned an opportunity cost to the students’ time based on the income foregone by not accepting the corporate internships. So the students can expect to complete the summer with $10,000 each to compensate for the lost internship income and still have an additional $5000 to split between them.