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Which of the following are true regarding profits, revenues, and costs? Choose one or more: A....
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit...
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit Total QUESTION 14 The equilibrium price and quantity of a good are found where the supply and demand curves intersect. True False QUESTION 16 If price elasticity of demand is less than 1, it is Elastic Unit Elastic Inelastic Perfectly Elastic QUESTION 17 Perfectly competitive firms set the price at the point where they can maximize their profits. True False QUESTION 18 What is...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Taxes Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs: Wages of owner-manager, 300 hours @ $10 per hour Return on inventory investment, 10% per year on $120,000 Total implicit costs Economic profit (revenue minus all costs) $ 17,000 2,500 800 700 $ 21,000 $ 6,000 $ 3,000 1,000 $ 4,000 $ 2,000...
11.) Economies of scale will allow which of the following types of cities to lower their...
11.) Economies of scale will allow which of the following types of cities to lower their average total cost of clearing snow by investing in larger snow plow fleets? Cities with a.) more people. b.) more existing snow plows. C.) less snowfall. d.) larger budgets. e.) more snowfall. 12.) Which of the following is false? a) Economic profit is always higher than accounting profit. b) Accounting profit is the difference between total revenue and explicit costs c) Economic profit is...
Which statement is true about economic profit: Select one: a. Generally large than accounting profit. b....
Which statement is true about economic profit: Select one: a. Generally large than accounting profit. b. Calculated by subtracting only implicit costs of using owner-supplied resources from the firm's total revenue. c. Negative when explicit costs exceed revenues. d. A theoretical measure of a firm's performance and has little value in real world decision-making.
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...
Please help with these questions, Question 21 0.16 pts One difference between implicit costs and explicit...
Please help with these questions,
Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not....
1. The Accounting cost of a good includes the [ Select ] ["monetary value", "implicit costs",...
1.
The Accounting cost of a good includes the [ Select ]
["monetary value", "implicit costs", "Explicit cost", "total
costs"]
The economic cost of a good includes the [ Select ]
["nothing else", "Implicit costs", "nothing", "total costs", "total
cost", "Explicit costs", "value", "total value"](as above)
plus the[ Select ] ["implicit value", "total costs",
"nothing else", "Implicit costs"].
2.
The realization of economic profits or economic losses sends a
strong signal to the firm regarding its production decisions....
Which of the following is true regarding profit maximization by all types of firms? All firms...
Which of the following is true regarding profit maximization by all types of firms? All firms maximize profits at the quantity where price is equal to marginal costs. All firms maximize profits at the quantity where marginal revenue is equal to marginal costs. All firms maximize profits by setting price where demand is the most inelastic. All firms maximize profits by setting price equal to minimum average total costs.
To maximize profit, a price taker will expand its output as long as the sale of...
To maximize profit, a price taker will expand its output as long as the sale of additional units adds more to revenues (marginal revenues) than to costs (marginal costs). Therefore, the profit-maximizing price taker will produce the output level at which marginal revenue (and price) equals marginal cost. In a price-taker market, if a business produces efficiently (i.e., that is, where marginal revenues = marginal costs), the firm will be able to make at least a normal profit. True of...
Quesuu Cupcu BLUS. QUESTION 41 The marginal product of labor is equal to incremental costs associated...
Quesuu Cupcu BLUS. QUESTION 41 The marginal product of labor is equal to incremental costs associated with a one unit increase in labor incremental profit associated with a one unit increase in labor increases in labor necessary to generate a one-unit increase in output increases in output obtained from a one unit increase in labor QUESTION 42 The difference between accounting profit and economic profit relates to the manner in which revenues are defined how total revenue is calculated the...
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit Total QUESTION 14 The equilibrium price and quantity of a good are found where the supply and demand curves intersect. True False QUESTION 16 If price elasticity of demand is less than 1, it is Elastic Unit Elastic Inelastic Perfectly Elastic QUESTION 17 Perfectly competitive firms set the price at the point where they can maximize their profits. True False QUESTION 18 What is...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Taxes Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs: Wages of owner-manager, 300 hours @ $10 per hour Return on inventory investment, 10% per year on $120,000 Total implicit costs Economic profit (revenue minus all costs) $ 17,000 2,500 800 700 $ 21,000 $ 6,000 $ 3,000 1,000 $ 4,000 $ 2,000...
11.) Economies of scale will allow which of the following types of cities to lower their average total cost of clearing snow by investing in larger snow plow fleets? Cities with a.) more people. b.) more existing snow plows. C.) less snowfall. d.) larger budgets. e.) more snowfall. 12.) Which of the following is false? a) Economic profit is always higher than accounting profit. b) Accounting profit is the difference between total revenue and explicit costs c) Economic profit is...
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...
Please help with these questions,
Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not....
1.
The Accounting cost of a good includes the [ Select ]
["monetary value", "implicit costs", "Explicit cost", "total
costs"]
The economic cost of a good includes the [ Select ]
["nothing else", "Implicit costs", "nothing", "total costs", "total
cost", "Explicit costs", "value", "total value"](as above)
plus the[ Select ] ["implicit value", "total costs",
"nothing else", "Implicit costs"].
2.
The realization of economic profits or economic losses sends a
strong signal to the firm regarding its production decisions....
Which of the following is true regarding profit maximization by all types of firms? All firms maximize profits at the quantity where price is equal to marginal costs. All firms maximize profits at the quantity where marginal revenue is equal to marginal costs. All firms maximize profits by setting price where demand is the most inelastic. All firms maximize profits by setting price equal to minimum average total costs.
Quesuu Cupcu BLUS. QUESTION 41 The marginal product of labor is equal to incremental costs associated with a one unit increase in labor incremental profit associated with a one unit increase in labor increases in labor necessary to generate a one-unit increase in output increases in output obtained from a one unit increase in labor QUESTION 42 The difference between accounting profit and economic profit relates to the manner in which revenues are defined how total revenue is calculated the...
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