You start your own business on 1/1/2019. During the year 2019, your sales revenues are $300,000. You pay your assistant $80,000 and pay $30,000 for materials and utilities. You work in your own business, but in your next best alternative you could earn an annual labor income of $60,000. [You do not own any capital equipment or other resources. -- do not worry about depreciation or any costs associated with capital in this question.] Your economic profit for 2019 is

Amanufacturing firm is considering overhauling the existing compensation strategy. currently every front line employee who works on the assembly line earns the same hourly wage. ideally, management would like to institute a new pay system that involves pay-for-performance. which of the following recommendations is both consistent with scientific management's general emphases and generally good advice for management of this firma. the firm should adopt a differential pay system with one pay level for average performance, and a higher level for good performance. b. the firm should adopt a differential pay system, but the firm should modify it from its original design and provide many different levels of pay associated with different performance levels. c. the firm should understand worker psychology and to focus on pay as the key motivator. d. all of the abovee. none of the above