If a firm generates $200,000 in revenue, earns $105,000 in economic profit, and its explicit costs...
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 |
Homework Answers
Ans) the correct option is $5,000
Inplicit cost = revenue - explicit costs - profit = 200,000 - 90,000 - 105,000 = 5,000
Add Answer to:
If a firm generates $200,000 in revenue, earns $105,000 in
economic profit, and its explicit costs...
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.
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Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable...
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PLEASE ANSWER BOTH
QUESTIONS
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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...
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...
Suppose that explicit costs are $10,000. If accounting profit is $37,000 and economic profit is $37,000, then implicit costs equal
Suppose that explicit costs are $8,000 and implicit costs equal zero. If economic profit is $20,000, then accounting profit is $
PLEASE ANSWER BOTH
QUESTIONS
5) Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $400 per unit, its accounting profits were a) S100,000 and its economic profits were zero. b) S600,000 and its economic profits were $400,000. c) S100,000 and its economic profits were $100,000. d) zero and its economic loss was $200,000. Suppose that a business incurred implicit costs...
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A small business owner earns $100,000 in revenue annually. The explicit costs equal $75,000. The owner could work for someone else and earn $35,000 annually. The owner's accounting profit is and the economic profit is O -$10,000; $25,000 O $10,000; -$25,000 O $25,000; $0 O $25,000:-$10,000
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