Use the information in the table below for the Question. Explicit and Implicit). Total revenue: 2000000...
Use the information in the table below for the Question.
Explicit and Implicit).
Total revenue: 2000000
Wages and Salaries: 1000000
Materials: 600000
Interest: 50000
Other payments: 100000
Foregone Salary: 200000
Foregone Rent: 20000
Foregone Interest: 10000
It gives information for a new Computer company Compustar--It gives its Revenues and its costs (Explicit and Implicit).
What are Compustar's Total Explicit Costs $ ? (NO UNITS)
What are Compustar's Total Implicit Costs $ ? (NO UNITS)
What are Compustar's Economic Profits $ ? (NO UNITS)
Based on Compustar's Economic Profits -- Should it stay in Business? If Yes put Y is No put N
Homework Answers
1. The Total Explicit Cost of Compustar is,
= Wages and Salaries + Materials + Interest + Other payments
= 1000000 + 600000 + 50000 + 100000
= $1750000
2. The Total Implicit Cost of Compustar is,
= Foregone Salary + Foregone Rent + Foregone Interest
= 200000 + 20000 + 10000
= $230000
3. Compustar's Economic Profits,
= Total Revenues – Explicit Costs – Implicit Costs
= $2000000 - $1750000 - $230000
= $20000
4. Yes.
Here the Economic profit is positive, hence the company should adhere to the choice and stay in business.
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Use the information in the table below for the
Question.
Explicit and Implicit).
Total revenue: 2000000...
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