Homework Answers
Accounting profit are profit that does not include opportunity cost. So accounting profit are revenue minus cost(excluding opportunity cost). While economic profit are profit with deduction of opportunity cost. i.e revenue minus cost( including the opportunity cost).
So we can observe that accounting profit will be higher as opportunity cost is not deducted from it
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2. Describe the difference between accounting and economic profits. Which measure is gener- ally larger? Why? 2. D...
2. Describe the difference between accounting and economic profits. Which measure is gener- ally larger? Why?
2. Describe the difference between accounting and economic profits. Which measure is gener- ally larger? Why?
1. Why is economic growth important? 2. Describe the difference between economic expansion and long-run economic...
1. Why is economic growth important? 2. Describe the difference between economic expansion and long-run economic growth. Page 7 3. Describe the difference between growth that occurs as a result of an increase in inputs and growth that occurs as a result of an increase in output per input. 4. How do the following institutions promote growth? o Property rights Competitive markets o Efficient financial institutions
Economic profits are maximized at the point at which A. accounting profits are equal to zero....
Economic profits are maximized at the point at which A. accounting profits are equal to zero. B. total revenues are greater than total costs. C. marginal revenues equal marginal costs. D. accounting profit exceeds economic profit.
The difference between accounting profit and economic profit relates to a. the manner in which revenues...
The difference between accounting profit and economic profit relates to a. the manner in which revenues are defined b. how total revenue is calculated c. the manner in which costs are defined d. the price of the good in the market
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
5. Individual Problems 9-5 Describe the difference in economic profit between a competitive firm and a...
5. Individual Problems 9-5 Describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium? In the short run, both monopolists and competitive firms earn positive economic profits. In the long run, can earn a positive economic profit. True or False: The adjustment to long-run equilibrium occurs more quickly for competitive industries than for monopolists. O False
this is micro economics Define Accounting Profit and Economic Profit What is the difference between Accounting...
this is micro economics
Define Accounting Profit and Economic Profit What is the difference between Accounting Profit and Economic Profit? Does a profitable have to earn a positive economic profit or can it still be profitable while earning a zero economic profit? Answer the above question and respond to at least two of your classmates' posts
Required 1. Explain the difference between a cash basis and an accrual basis measure of performan...
Required 1. Explain the difference between a cash basis and an accrual basis measure of performance. 2. Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow? 3. Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.
Required 1. Explain the difference between a cash basis and an accrual basis measure of performance. 2. Why, in most cases, does accrual basis net...
Economic profits [ Π(q) ] are: Group of answer choices b. the difference between total revenue...
Economic profits [ Π(q) ] are: Group of answer choices b. the difference between total revenue and total costs. a. the opportunity costs of all inputs. c. a rate of profit that is just sufficient to keep owners and investors satisfied. d. anything greater than the normal opportunity cost of investing.
Demonstrate your knowledge of the difference between Economic and Business (Accounting) profit by showing relevant examples....
Demonstrate your knowledge of the difference between Economic and Business (Accounting) profit by showing relevant examples. You may use your own examples or cite examples from other sources. What are the advantages of computing economic profit?
2. Describe the difference between accounting and economic profits. Which measure is gener- ally larger? Why?
1. Why is economic growth important? 2. Describe the difference between economic expansion and long-run economic growth. Page 7 3. Describe the difference between growth that occurs as a result of an increase in inputs and growth that occurs as a result of an increase in output per input. 4. How do the following institutions promote growth? o Property rights Competitive markets o Efficient financial institutions
5. Individual Problems 9-5 Describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium? In the short run, both monopolists and competitive firms earn positive economic profits. In the long run, can earn a positive economic profit. True or False: The adjustment to long-run equilibrium occurs more quickly for competitive industries than for monopolists. O False
this is micro economics
Define Accounting Profit and Economic Profit What is the difference between Accounting Profit and Economic Profit? Does a profitable have to earn a positive economic profit or can it still be profitable while earning a zero economic profit? Answer the above question and respond to at least two of your classmates' posts
Required 1. Explain the difference between a cash basis and an accrual basis measure of performance. 2. Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow? 3. Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.
Required 1. Explain the difference between a cash basis and an accrual basis measure of performance. 2. Why, in most cases, does accrual basis net...
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