Suppose that explicit costs are $10,000. If accounting profit is $37,000 and economic profit is $37,000,...
Suppose that explicit costs are $8,000 and implicit costs equal zero. If economic profit is $20,000, then accounting profit is $
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
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
Economic costs are..... larger than accounting costs by the amount of explicit costs. larger than accounting costs by the amount of implicit costs. smaller than accounting costs by the amount of implicit costs. smaller than accounting costs by the amount of explicit costs.
Is it better to have an accounting profit or economic profit? Why? costs have Drag word(s) below to fill in the blank(s) in the passage. It is better for a company to have an profit because it means both been the total revenue and the company is still profitable. An into consideration the explicit costs of doing business. p rofit only takes accounting * implicit and explicit * added to * explicit * economic subtracted from * implicit * profit*...
If a firm generates $200,000 in revenue, earns $105,000 in economic profit, and its explicit costs are $90,000, how much are its implicit costs? $105,000 $30,000 $90,000 $5,000 $200,000
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...
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...
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