If accounting profit is $ 88,000 greater........... implicit costs equal $ 88,000
Implicit cost = accounting profit - economic profit
explicit costs 5. Working with Numbers and Graphs Q5 implicit costs If accounting profit is $88,000...
Suppose that explicit costs are $8,000 and implicit costs equal zero. If economic profit is $20,000, then accounting profit is $
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
Back to Assignment Attempts: 0.6 0.6 Do No Harm: 0.6/1 1. Working with Numbers and Graphs Q1 Suppose the current price of a good is $185. At this price, the quantity supplied is 75 units, and the quantity demanded is 35 units. For every $1 decrease in price, the quantity supplied decreases by 4 units and the quantity demanded increases by 4 units. At the current price, the quantity demanded is than the quantity supplied. This means that the market...
Numbers and Graphs: Production and Costs (Ch 0B) Attempts: Average: /1 1. Working with Numbers and Graphs Q1 FW in the missing cells in the following table. Quantity of Output (Q) (Units) Average Fixed Cost (AFC) (Dollars) Total Variable Cost (TVC) (Dollars) Total Fixed Cost (TFC) (Dollars) 180 180 Average Variable Cost (AVC) (Dollars) Marginal Cost (MC) (Dollars) Total Cost (Dollars) Average Total Cost (ATC) (Dollars) 180 180 180 MINIM 180 180 MINI Grade It Now Save & Continue Continue...
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.
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
Numbers and Graphs: Elasticity (Ch 06) 5. Working with Numbers and Graphs Q5 Consider the two demand curves in the following graph. Price (Dollars) . I I I 2 4 6 14 18 20 16 8 10 12 Quantity Demanded on demand curve D, and on demand curve D2. Between the two prices $10 and $12, the price elasticity of demand is