Given: Sales of $14 million; implicit costs of $3 million; and explicit costs of $12 million. Find (a) accounting profit; and (b) economic profit.
Fill in the blank(s) with the appropriate word(s).
Sales ($14 million) - Explicit Costs ($12 million) = Accounting Profit ($2 million). Accounting Profit ($2 million) - Implicit Costs ($3 million) = Economic Profit (-$1 million), or Economic Loss of $1 million.
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About ________________ of all Americans volunteer each year in the non-profit sector
a. one-tenth b. one-quarter c. one-half d. 90%
The price elasticity of demand for cigarettes by adults is -1.3 while for young smokers it is -0.4 . A tax on cigarettes would lead to which of the following effects?
a. a smaller reduction in the quantity of cigarettes demanded by younger smokers than by older smokers b. the same reduction in the quantity of cigarettes demanded by both age groups c. a larger reduction in the quantity of cigarettes demanded by younger smokers than by older smokers d. no impact on the quantity of cigarettes demanded by either group e. not enough information to predict the impact
The low point of the Great Depression was reached in the year
A. 1929. B. 1931. C. 1933. D. 1935.
Answer the following questions true (T) or false (F)
1. A voluntary export restraint is an agreement negotiated between two countries that places a numerical limit on the quantity of a good that can be imported by one country from the other country. 2. A tariff is the same as a quota. 3. Selling a product at a price below its cost is known as dumping.