Homework Answers
The correct answer is Economic profit = accounting profit - implict costs
Reason
Accounting profit = Total revenue - Explicit Costs
Economic profit = Total revenue - Explicit cost - implicit costs
Put Accounting profit in place of total revenue - explicit costs
So we can say that
Economic profit = Accounting profit - implicit costs
Add Answer to:
Which of the following definitions is correct? Economic profit - accounting profit - implicit costs Economic...
Suppose that explicit costs are $8,000 and implicit costs equal zero. If economic profit is $20,000,...
Suppose that explicit costs are $8,000 and implicit costs equal zero. If economic profit is $20,000, then accounting profit is $
The difference between economic profit and accounting profit is that economic profit is calculated based on...
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
Suppose that explicit costs are $10,000. If accounting profit is $37,000 and economic profit is $37,000,...
Suppose that explicit costs are $10,000. If accounting profit is $37,000 and economic profit is $37,000, then implicit costs equal
Is it better to have an accounting profit or economic profit? Why? costs have Drag word(s)...
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*...
explicit costs 5. Working with Numbers and Graphs Q5 implicit costs If accounting profit is $88,000...
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
QUESTION 45 Accounting profit takes into account only the implicit costs while economic profit does not...
QUESTION 45 Accounting profit takes into account only the implicit costs while economic profit does not True False
1. The Accounting cost of a good includes the [ Select ] ["monetary value", "implicit costs",...
1.
The Accounting cost of a good includes the [ Select ]
["monetary value", "implicit costs", "Explicit cost", "total
costs"]
The economic cost of a good includes the [ Select ]
["nothing else", "Implicit costs", "nothing", "total costs", "total
cost", "Explicit costs", "value", "total value"](as above)
plus the[ Select ] ["implicit value", "total costs",
"nothing else", "Implicit costs"].
2.
The realization of economic profits or economic losses sends a
strong signal to the firm regarding its production decisions....
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,
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...
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...
Economic costs are..... larger than accounting costs by the amount of explicit costs. larger than accounting...
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.
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
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*...
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
QUESTION 45 Accounting profit takes into account only the implicit costs while economic profit does not True False
1.
The Accounting cost of a good includes the [ Select ]
["monetary value", "implicit costs", "Explicit cost", "total
costs"]
The economic cost of a good includes the [ Select ]
["nothing else", "Implicit costs", "nothing", "total costs", "total
cost", "Explicit costs", "value", "total value"](as above)
plus the[ Select ] ["implicit value", "total costs",
"nothing else", "Implicit costs"].
2.
The realization of economic profits or economic losses sends a
strong signal to the firm regarding its production decisions....
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...
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