Calculating accounting profits

The firm has $70,000 in implicit costs, and the economic profit of $40,000. This firm’s: (i) Explicit cost equivalent $30,000. (ii) Accounting profits equivalent $110,000. (iii) Normal gain equivalents $40,000. (iv) Explicit costs equivalent $110,000.

Can someone please help me in finding out the accurate answer from the above options.

View Complete Question

Related Questions in Microeconomics

Q : Assumption of Ceteris paribus Can

Can someone help me in finding out the right answer from the given options. Suppose that everything except the variables we are studying remains constant or steady is termed as the: (1) Ceteris paribus assumption. (2) Ex-ante assumption. (3) Ex-post assumption. (4) Po

Q : Multimarket Monopoly A monopolist

A monopolist operates in two separated markets. The inverse demand functions ofthose markets are given by and where arethe quantities supplied to these markets, respectively. The total cost function facedby the monopolist is &nbs

Q : Earn normal accounting profit in the

When a purely competitive industry is into long run equilibrium, in that case a typical firm can: (w) earn normal accounting profit although only zero economic profit. (x) incur economic losses when these are offset by accounting prof

Q : Pure competitors in the market structure

Marginal revenue is not below the market price by the perspectives of simply: (i) monopolistic competitors. (ii) monopolists. (iii) cartel members. (iv) pure oligopolists. (v) pure competitors. Can

Q : Problem on Market Power and Demand for

Can someone help me in finding out the right answer from the given options. Imperfect competition in the product markets outcomes in: (i) Less labor hired than when product markets were competitive. (ii) Above the equilibrium wages being paid by the monopolists. (iii)

Q : Market demand curve of pure monopolist

A pure monopolist faces as: (w) a perfectly elastic demand for its product because it can't affect market price. (x) a perfectly inelastic demand for its product. (y) the market demand curve for its product. (z) a constant marginal cost curve.

Q : Demand for product is most elastic at

From these points in this figure, demand for cheesy fried grits is largely elastic at a price of: (w) P1 and quantity of Q3. (x) P2 and quantity of Q2. (y) P3 and quantity of Q1. (z) P4 and q

Q : Middle relative income define by Census

The Department of the Census defines middle relative income as experienced while a family: (w) has adequate income to buy the fundamental food clothing and shelter required for survival. (x) would like to enhance their personal welfar

Q : Problem on reducing Complementary Goods

The failure of spaghetti crop would be most probable to decrease the: (1) Supply of cheap red wine. (2) International rate of inflation. (3) Demand for potato salad. (4) Demand for the spicy tomato sauce. (5) Prices of dinners in an Italian restaurant.

Q : Social Welfare and Labor Market

The labor market functions inefficiently when labor is hired only up to a point where, for last worker: (1) VMP = w. (2) VMP minus MRC surpasses zero and is maximized. (3) P x MPPL = w. (4) Added net revenue equivalents added net cost.

Discover Q & A

Leading Solution Library

Avail More Than 1453506 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1946080
Asked

3,689

Active Tutors

1453506

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment