446 Implicit cost is equal to economic profit minus explicit cost. business profit plus economic profit....

446

Implicit cost is equal to

economic profit minus explicit cost.

business profit plus economic profit.

business profit minus economic profit.

economic profit minus business profit.

Expert Solution

Rahul Sunny answered 1 year ago

Economic profit is equal to a. total revenue minus explicit and implicit costs. b. total revenue...

Economic profit is equal to a. total revenue minus explicit and implicit costs. b. total revenue minus explicit costs. c. marginal revenue minus marginal cost. d. total revenue minus implicit costs. e. total revenue minus dividends and interest. If the price elasticity of demand is 4, a 5 percent decrease in price will increase quantity demanded by a. 25% b. 10% c. 8% d. 20% If the calculated elasticity of demand between two points is 2.26, demand is considered a....

28. Total revenue minus explicit costs equal: a. Accounting profit b. Normal profit c. Economic profit...

28. Total revenue minus explicit costs equal: a. Accounting profit b. Normal profit c. Economic profit d. Both a and b 29. Normal profit is just another way of saying the firm is earning: a. An economic profit b. A zero economic profit c. An accounting profit d. None of the above 30. Which of the following describes the Average-Marginal rule: a. When the marginal magnitude is greater than the average, the average is rising; when the marginal magnitude is...

1. Describe the impact of explicit and implicit costs in calculating accounting profit and economic profit....

1. Describe the impact of explicit and implicit costs in calculating accounting profit and economic profit. 2. Assume you are a business manager for a firm that does a few million dollars worth of business each year. Select the profit measure (accounting profit or economic profit) you believe provides the most helpful information in making business decisions, and explain why? Note: once again, no hedging your bet here by selecting both measures or combinations of both measures. :-) Select one...

Business profit is: ▪ the residual of sales revenue minus the explicit accounting costs of doing...

Business profit is: ▪ the residual of sales revenue minus the explicit accounting costs of doing business. ▪ a normal rate of return. ▪ economic profit. ▪ the return on stockholders' equity.

what are implicit and explicit cost for an airline industry?

Matching Exercise – Costs of Production TERM Implicit Cost Normal Profit Factor substitution Explicit Cost Alternative...

Matching Exercise – Costs of Production TERM Implicit Cost Normal Profit Factor substitution Explicit Cost Alternative cost Decreasing Returns to Scale Envelope Curve MC=MR rule Marginal Cost Economic profit Profit maximization in the short run Total fixed costs Constant costs industry Stage II Production function Shutdown point Variable input Marginal Revenue Sunk Cost Variable Costs DEFINITION a. The area in which every firm will produce. b. Another name for the long run average total cost curve. c. The cost of...

1. Explicit cost equals A) Opportunity cost minus sunk cost.

1. Explicit cost equals A) Opportunity cost minus sunk cost.B) Implicit cost minus sunk cost.C) Economic cost minus opportunity cost.D) Opportunity cost minus implicit cost.2. If supply decreases, and at the same time, demand increases, which of the following would also occur?A) an increase in the equilibrium priceB) a decrease in the equilibrium price of substitutesC) a decrease in the equilibrium quantityD) all of the above3. Which of the following statements about demand elasticity is correct? A) If demand is price-inelastic, an...

determine wheter each of the followingis an explicit cost or an implicit cost

Hello, I need an Implicit cost and Explicit cost introduction and outline

What is an example of an implicit and an explicit cost of raising children? In estimating...

What is an example of an implicit and an explicit cost of raising children? In estimating the housing cost of raising a child, should a child be assigned the same share of housing costs as any other member of the household (average total cost) or simply the cost of an extra bedroom (marginal cost)?

Question