Homework Answers
1. Option d
|
Q |
P |
Explicit cost |
Implicit cost |
TR |
Accounting Profit = TR-Explicit cost |
Economic Profit= TR-(Explicit+Implicit) |
|
2000 |
2 |
1500 |
2000 |
4000 |
2500 |
500 |
3. Option d
MP= 48-44 = 4 and AP = 40/4 = 10
4. Option c
MP = 44-30 = 14
5. Option c
AP = 52/5 = 10.4
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