Homework Answers
1. If the owner hires a manager for $10 an hour then total amount of manager=3000 and accounting profit will reduce from 6000 to 3000.
Thus Accounting Profit=3000 when wage rate=$10
2. When wage rate=16 then wage rate amount=300*16=4800
Thus accounting profit=6000-4800=1200
and Economic Profit=1200-1000=200
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Refer to the table below to answer two questions. The table shows the monthly economic profit...
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Show me the formulas for explicit cost, implicit cost, accouting profit, and economic profit. Tell me what to do for pr...
Show me the formulas for explicit cost, implicit cost,
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Show me the formulas for explicit cost, implicit cost, accouting profit, and economic profit. Tell me...
Show me the formulas for explicit cost, implicit cost,
accouting profit, and economic profit. Tell me what to do for
problems a-d.
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HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An...
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Refer to the table below to answer two questions. The table shows the monthly economic profit of a drugstore. $ 27,000 9.09 points $ 17.000 2.500 800 700 $ 21.000 $ 6,000 ebook Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Tæves 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,...
Which of the following are true regarding profits, revenues, and costs? Choose one or more: A. accounting profit - revenue - implicit costs B. total costs = implicit costs + explicit costs C. revenue = (price x quantity) - total costs D. proft = total revenue - total costs E. revenue = pricex quantity F. economic profit - revenue - implicit costs G. economic profit = accounting profit - implicit costs < 14/15 ASDFGH
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...
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...
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...
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...
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