Homework Answers
Answer:
Economic profit: 1,32,000
Explanation:
Economic profit= Total revenue- explicit cost-implicit cost
=3,60,000-(8000+1,40,000)-80,000
=1,32,000
Total revenue= sales-3,60,000
explicit cost= explicit cost are those which are actually paid by the business in monetary term. in which money goes.
utilities-8000
labor cost-140,000
Implicit cost= actual money dose not goes. it is opportunity cost.
forgone in come-80,000
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