Suppose that explicit costs are $8,000 and implicit costs equal zero. If economic profit is $20,000,...
Suppose that explicit costs are $10,000. If accounting profit is $37,000 and economic profit is $37,000, then implicit costs equal
Which of the following definitions is correct? Economic profit - accounting profit - implicit costs Economic profit - accounting profit = explicit costs Economic profit - implicit costs = accounting profit Accounting profit + economic profit = normal profit Economic profit - accounting profit = normal profit
explicit costs 5. Working with Numbers and Graphs Q5 implicit costs If accounting profit is $88,000 greater than economic profit, it implies that equal $ Grade It Now Save & Continue Continue without saving
A firm's total revenue equals $800. Its explicit costs equal $300 and its implicit costs equal $400. The firm's economic profit equals __________ and its accounting profit equals __________. $100; 500 -$100; $200 $400; -$300 $1,200; $1,500 $400; $100
PLEASE ANSWER BOTH QUESTIONS 5) Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $400 per unit, its accounting profits were a) S100,000 and its economic profits were zero. b) S600,000 and its economic profits were $400,000. c) S100,000 and its economic profits were $100,000. d) zero and its economic loss was $200,000. Suppose that a business incurred implicit costs...
Suppose that a business had implicit costs of $500 000 and had explicit costs of $5 million in a specific year. If in that year the firm sold 100 000 units of its output at $50 per unit, its accounting: O profits were $100 000 and economic profits were zero losses were $500 000 and its economic losses were zero O profits were $500 000 and its economic profits were $1 million O profits were zero and its economic profits...
Show me the formulas for explicit cost, implicit cost, accouting profit, and economic profit. Tell me what to do for problems a-d. CTOWT ASSUME THAT YOU OWN AN ENGINEERING FIRM THAT HAS THE FOLLOWING COST AND REVENUE INFORMATION FOR LAST YEAR: Cre 6 -total revenue from operations $650,000 -wages of clerks and assistants 165,000 -$100,000 of your money is invested in the firm; it could earn 5% interest if invested elsewhere (.05 x $100,000) 5,000 cost of inventory, supplies, and...
Show me the formulas for explicit cost, implicit cost, accouting profit, and economic profit. Tell me what to do for problems a-d. ASSUME THAT YOU OWN AN ENGINEERING FIRM THAT HAS THE FOLLOWING COST AND REVENUE INFORMATION FOR LAST YEAR: ........ -total revenue from operations $650,000 $650, 165,000 -wages of clerks and assistants -$100,000 of your money is invested in the firm; it could earn 5% interest if invested elsewhere (.05 x $100,000) . 5,000 -cost of inventory, supplies, and...
please discuss in detail using facts data and examples Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college? Distinguish between accounting profit, economic proft, and normal pront. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures? Explain.. List several fixed and variable costs associated with owning and operating an automobile. Suppose you are considering whether to drive your car or fly about 770...
The difference between economic profit and accounting profit is that economic profit is calculated based on both implicit and explicit costs whereas accounting profit is calculated based on explicit costs only. True False