Pottery Wheel On Sale Facts

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Economics help! Gomez runs a small pottery firm. He hires one helper? at $12,000 per year, pays annual rent of $5000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $4000 per year if alternatively invested. He has been offered $15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3000 per year. Total annual revenue from pottery sales is $72,000. Calculate the accounting profit and the economic profit for Gomezs pottery firm.

Burjor T replied: "If he cannot work out the profit, why is he doing business."

Freedom replied: "He is better off working for himself as he would earn about three times as much money working for self"

yahoohoo replied: "His yearly expenses are $12K + $5k + $20K = $37,000. His gross income is $72,000, so his net is $72K - $37K = $35,000. Since he has $40K invested, he's nearly doubling his money every year. But if he could sell his equipment for $40K (a big maybe) and invest it and get a $4K return from it, and then go to work for his competitor and be paid $15K, then his income would be $19K. His entrepreneurial talents might or might not make him any money in his new job. (The competitor who's made him the offer thinks he is worth $15,000, so presumably that is his estimate of Gomez's total worth, including his entrepreneurial talents.) So what Gomez has to decide is, would he rather work for himself and make $35K per year, or for the other guy & make $19K. Gee, what do you think? Tough decision? Gomez should tell that guy to get lost."

Santa Barbara replied: "$13,000"

Accounting and economic (PLEASE HELP ME I DONT KNOW HOW OR GET THIS QUESTION!!!)? Gomez runs a small pottery firm. He hires one helper at 12,000 per year, pays annual rent of 5,000 for his shop, and spends 20,000 per year on materials. He has 40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him 4000 per year if alternatively invested. He has been offered 15,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth 3000 per year. Total annual revenue from pottery sales is 72,000. Calculate the accounting profit and the economic profit for Gomez's pottery firm.

xiyuu replied: "Unlike economic profits, accounting profits don't account for opportunity costs, which is the profit/benefit that would have been earned by investing money in the next best alternative. Opportunity costs are: 4000 + 15000 + 3000 = 22000 Accounting profit: 72000 - 12000 - 5000 - 20000 = $35000 Economic profit: 72000 - 12000 - 5000 - 20000 - (opportunity costs of 22000) = $13000"

Need help with Econ problem. I am not understanding this one.? Ms. Googumpuckey runs a small pottery firm. She hires one helper at $12,000 per year, pays annual rent of $5,000 for her shop, and spends $20,000 per year on materials. She has $40,000 of her own funds invested in equipment (pottery wheels, kilns, etc.) that could earn her $4,000 per year if alternatively invested. Total annual revenue from pottery sales is $72,000. She has been offered $15,000 per year to work as a potter for a competitor. Calculate the accounting profit and the economic profit for Googumpuckey's pottery firm.

froggyj5 replied: "her costs are 12,000+5,000+20,000=37,000 her revenue is 72,000 So her accounting profit is 35,000. Her economic profit/loss is 37,000 - 4,000 - 15,000 = 16,000 profit. I think that's how you figure it out. I'm not positive about the economic profit calculation."

I would like to know where to get plans on how to build a Potters Wheel.? I am looking for someone who has plans on how to build a electric Potters Wheel for making clay pottery.Or someone who has one they would like to sale or trade for something.It does not have to be a factory built one.I have been trying to find plans on how to build one and all I can seem to find is the old fashion ones that you spin with your foot.But I would take any kind of plans or somewhere that I could get plans at as of now.It would be for my daughter and even if it was one you spin with your foot would be fine.I could make it electric easily.Thank you in advance to anyone who can help. Or where I could buy one for a lot less than what they want people to pay for them at retail prices.I would gladly take one that was used or needed some work.I can fix anything with in reason. I really need one bad for my daughter.Her teacher said she was the best she has seen anyone at her age do so well with making pottery on a potters wheel.That her stuff looked like store bought.Maybe someone would know of a company that would donate one for her to use or borrow for a extended period of time.Thank you everyone that has tried to help.

bob n replied: "I can't give you a web site on building an electric wheel. I will speak up and say a kick wheel allows to better control of the speed as you throw. You can pick up wheels at estate sales or if someone gets bores with pottery. An electric wheel can cost $300-$500 new easily. You can get them cheaper second hand. I have seen kits you can build for kick wheels and it wouldn't be a stretch to put a washing machine motor on it. I have seen them made from car axles and wheel hubs."

mike1942f replied: "here are two that are best on the frames the first is electric but a simple straight connection is really bad as it will be too fast and there is no mention of speed control This one is manual with a cast kick wheel, but a motor with a drive tire can adjust speed by being moved in and out on the kick wheel. but it includes a resource link for kits."

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