What is meant by operating profit or net operating revenue?
What will be an ideal response?
Operating profit is equal to total revenue minus total variable cost.
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In the figure above, the shift from the short-run Phillips curve SRPC0 and the long-run Phillips curve LRPC0 to the short-run Phillips curve SRPC1 and the long-run Phillips curve LRPC1 is the result of ________ in the expected inflation rate and
________ in the natural unemployment rate. A) a decrease; no change B) no change; an increase C) an increase; an increase D) an increase; no change E) a decrease; a decrease
The market demand curve for a public good
a. is the horizontal sum of all individual demand curves b. is the vertical sum of all individual demand curves. c. is upward sloping d. is horizontal e. does not exist
Answer the following statement(s) true (T) or false (F)
1. The total revenue curve for a perfectly competitive firm will be a straight line with positive slope. 2. The marginal revenue curve for a perfectly competitive firm will be downward sloping. 3. Marginal costs reflect changes in variable costs. 4. The short-run is a period of less than one year. 5. The production decision is a short-run decision.
Answer the following questions true (T) or false (F)
1. Currently, the base year for the CPI is the average of prices in the years 1982 to 1984. 2. To obtain real average hourly earnings, nominal average hourly earnings are multiplied by the CPI. 3. The CPI in 2010 was 218, while the CPI in 1980 was 82. If you had $5,000 in 1980, its equivalent purchasing power in 2010 would be $10,850.