Homework Answers
Answer :
Question 1 : Explicit costs
Explanation : Explicit costs are costs to a firm which goes out of pocket, while implicit costs are generally opportunity costs to a firm. So rent payment out here is automatically costs which goes out of pocket and thus is an explicit cost.
Question 2 :
Accounting profit = $(Total Revenue - Explicit Costs) = $700 - $50 = $650
Economic profit = $(Total Revenue - Explicit Costs - Implicit Costs) = $700 - $450 - $50 = $200
Question 3 : Option b) there are no more fixed resources
Explanation : An industry is said to be in the long run when all factors into production are variable and a manufacturer or producer can be flexible in their production decisions where they can freely vary all of the resources into production.
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Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not....
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Positive economic profit is
Question 5 Positive economic profit is the money income of the firm's owner the excess of revenues over explicit coststhe excess of revenues over implicit costsa signal for firms in other industries to expand their outputa signal for resources to enter the industry in the long run' Question 6 Which of the following is the best measure of productivity? total profit per unit of output total output per dollar of revenue total output per hour total output total output per unit of resource input
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Question 7 5 pts Let's say that you know the following information for an oligopoly firm: Total Revenue equals $200 million. Variable Costs are $170 million. Fixed Costs equal $20 million. The firm is currently producing 2,000 products at the MC = MR point (and the MC curve is rising). What recommendation do you have for this firm? Assuming the firm's costs remain the same, the firm should produce fewer products in order to decrease its marginal costs. The profit...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable...
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Please help with these questions,
Question 21 0.16 pts One difference between implicit costs and explicit costs is that implicit costs are included in economic profits, whereas explicit costs are not. explicit costs are included in economic profits, whereas implicit costs are not. O implicit costs are included in accounting profits, whereas explicit costs are not. explicit costs involve opportunity costs, whereas implicit costs involve a monetary transaction. explicit costs are included in accounting profits, whereas implicit costs are not....
The firm type that involves sole decision maker power for the owner, unlimited liability for the owner. limited ability to raise money, and ends with the death of an owner is sole proprietorship m partnership. O corporation. all of the above. 0 none of the above. Question 2 4 pts The partnership firm type has a complex decision making process, but also has unlimited liability for the owners and is dissolved with the death of one of the owners. True...
9:10 + Exit Question 7 2 pts Accounting costs represent explicit costs paid by the firm. opportunity costs. both sunk and future costs. long run costs only. Question 8 2 pts Explicit costs are the opportunity costs of all resources used by the firm. the costs associated with the resources that the firm owns. O actual expenditures that a firm must make. all costs associated with the short run. 9:10 + As a firm's production increases in the short run,...
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Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
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