Homework Answers
3. Profit = Total revenue - Total cost
Answer: option C
4. A firm's opportunity cost of production are equal to it's implicit costs only.
Answer: option B
5. Explicit cost requires an outlay of money by the firm. It is firm's out of pocket cost.
Answer: option A
Add Answer to:
what is the total number of atoms in molecules reacting
b. times total cost. c. minus...
11. Accounting profit is equal to a. marginal revenue minus marginal cost. b. total revenue minus...
11. Accounting profit is equal to a. marginal revenue minus marginal cost. b. total revenue minus the explicit cost of producing goods and services. c. total revenue minus the opportunity cost of producing goods and services. d. average revenue minus the average cost of producing the last unit of a good or service.
What is economic profit? Economic profit is equal to total revenue minus the opportunity cost of...
What is economic profit? Economic profit is equal to total revenue minus the opportunity cost of production O A. O B. is equal to the return earned on average by an entrepreneur C. is equal to total revenue minus all of the costs of production that are paid either by cash or check O D. can never be a negative amount
If an accountant were to calculate total cost, the accountant would be sure to include only...
If an accountant were to calculate total cost, the accountant would be sure to include only implicit costs. Oinclude only explicit costs include both implicit and explicit costs include neither implicit nor explicit costs. D | Question 5 A business pays incom taxes on O its economic profht. O its accounting proft O its marginal revenue. its total revenue. D Question 6 The choices regarding future production for a business owner is most influenced by her O economic costs. O...
economists normally assume that the goal of a typical business (firm) is to (x) sell as...
economists normally assume that the goal of a typical business (firm) is to (x) sell as much of their product as possible regardless of the level of profit. (y) set the price of their product as high as possible regardless of the level of profit. (z) maximize profit regardless of the price or quantity of sales. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (z) only Which...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
10. Sunk Costs are... A. Added to profit B. Not recoverable C. Equal to MC D....
10. Sunk Costs are... A. Added to profit B. Not recoverable C. Equal to MC D. Expressed at MC = Price E. The difference between ATC and AVC. 11. TRUE or FALSE: Economic Costs = Explicit Costs – Implicit Costs. 12. Economic Profit is equal to A. Revenue - Explicit Costs + Implicit Costs B. Revenue + Explicit Costs - Implicit Costs C. Revenue + Explicit Costs + Implicit Costs D. Revenue - Explicit Costs - Implicit Costs E. None...
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced...
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
h Not aximizing my utility (satisfaction) because I could have bought other jeans for a lower...
h Not aximizing my utility (satisfaction) because I could have bought other jeans for a lower price b. Not maxim m utty tried, because they are in stvle Iam imizing my utility (satisfaction) because I could not get more enjoyment from a lower priced 35, I bu y designer jeans even though they are high-priced, because they are in style. I am jean c. Maximizing my uility satisfaction) because I derive utility not only from wearing jeans but from being...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
Answer all the questions (2pts each question) 1. Lauren runs a chili restaurant in San Francisco....
Answer all the questions (2pts each question) 1. Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000. Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. 2. Which of the following is an example...
11. Accounting profit is equal to a. marginal revenue minus marginal cost. b. total revenue minus the explicit cost of producing goods and services. c. total revenue minus the opportunity cost of producing goods and services. d. average revenue minus the average cost of producing the last unit of a good or service.
What is economic profit? Economic profit is equal to total revenue minus the opportunity cost of production O A. O B. is equal to the return earned on average by an entrepreneur C. is equal to total revenue minus all of the costs of production that are paid either by cash or check O D. can never be a negative amount
If an accountant were to calculate total cost, the accountant would be sure to include only implicit costs. Oinclude only explicit costs include both implicit and explicit costs include neither implicit nor explicit costs. D | Question 5 A business pays incom taxes on O its economic profht. O its accounting proft O its marginal revenue. its total revenue. D Question 6 The choices regarding future production for a business owner is most influenced by her O economic costs. O...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
10. Sunk Costs are... A. Added to profit B. Not recoverable C. Equal to MC D. Expressed at MC = Price E. The difference between ATC and AVC. 11. TRUE or FALSE: Economic Costs = Explicit Costs – Implicit Costs. 12. Economic Profit is equal to A. Revenue - Explicit Costs + Implicit Costs B. Revenue + Explicit Costs - Implicit Costs C. Revenue + Explicit Costs + Implicit Costs D. Revenue - Explicit Costs - Implicit Costs E. None...
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
h Not aximizing my utility (satisfaction) because I could have bought other jeans for a lower price b. Not maxim m utty tried, because they are in stvle Iam imizing my utility (satisfaction) because I could not get more enjoyment from a lower priced 35, I bu y designer jeans even though they are high-priced, because they are in style. I am jean c. Maximizing my uility satisfaction) because I derive utility not only from wearing jeans but from being...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
Answer all the questions (2pts each question) 1. Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000. Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. 2. Which of the following is an example...
Most questions answered within 3 hours.
-
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 55 minutes ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 1 hour ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 1 hour ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 1 hour ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 1 hour ago -
Why are polymers not typically casted into products?
asked 1 hour ago -
When rolling a die 129 times, what is the probability of rolling
a 6 no more...
asked 1 hour ago -
4. A call option currently sells for $7.75. It has a strike
price of $85 and...
asked 1 hour ago -
1.
You need to prepare 10.0 liters of an acid aqueous solution with a
pH of...
asked 1 hour ago -
Along an aggregate supply curve, if the level of output is less
than the natural level...
asked 1 hour ago -
By 2025, annual consumption in emerging markets will total $30
trillion and contribute more than ________...
asked 1 hour ago -
At what point does reformation cease to be a viable option for
those who are oppressed...
asked 1 hour ago