Implicit and explicit economic costs

I have a problem in economics on Implicit and explicit economic costs. Please help me in the following question. The Economic profit is the difference among total revenue and: (i) The sum of explicit and implicit economic costs. (ii) Accounting cost. (iii) Variable cost. (iv) Monetary outlays.

Choose the most appropriate option.

View Complete Question

Related Questions in Microeconomics

Q : Preferential treatment of discrimination

Programs that provide preferential treatment to members of groups which have previously suffered due to discrimination are termed as: (i) redistributive justice. (ii) affirmative action. (iii) compensating variations. (iv) equity considerations. (v) transfer programs.

Q : Estimate profit-maximizing price The

The profit-maximizing price for RoboMaids is: (1) $24,000 per robot. (2) $20,000 per robot. (3) $16,000 per robot. (4) $12,000 per robot. (5) $10,000 per robot.

Q : Perfect mobility and perfect information

The model of perfect competition assumes perfect mobility and perfect information. Transaction costs are not present; therefore all buyers and sellers base decisions on the best information obtainable to anyone else, as well as transportation (mobilit

Q : Hicks Model of Collective Bargaining I

I have a problem in economics on Hicks Model of Collective Bargaining. Please help me in the following question. The period of union strikes and the equilibrium wage rate at conclusion of a strike are the focus of: (i) Taft-Hartley Act of 1948. (ii) B

Q : Constant shortages of a good problem

Constant shortages of a good are nearly always attributable to: (1) legal ceiling prices which are set beneath equilibrium. (2) Recessions which yield maximum unemployment rates. (3) Price gouging by firms through monopoly power. (4) Legal price floor

Q : Indeterminable market supply curve For

For a monopoly firm a market supply curve is: (w) steeper than the market supply curve of a competitive industry. (x) indeterminable because profit-maximizing quantities with profit maximizing prices are determined concurrently, and depend upon costs

Q : Maturity on a consol bond or perpetuity

The yield to maturity on a consol bond or perpetuity which pays $200 annually and sells for $1000 is: (w) 5 percent. (x) 10 percent. (y) 20 percent. (z) 25 percent. I need a good answer on the topic of Econ

Q : Division of labor advantages for workers

The advantages from the division of labor are improved as workers: (1) Are protected by the barriers which limit the international trade. (2) Who each recognize all facets of production gain an enhanced understanding of the whole project. (3) Constant

Q : Define break-even price Break-even

Break-even price: This is the price at which firms form zero normal profit.

Q : Price hike in short run I have a

I have a problem in economics on Price hike in short run. Please help me in the following question. In short run, the demand curve for the potatoes will not be influenced by price hikes for: (i) Potatoes. (ii) Bread. (iii) Rice. (iv) Steak.

Discover Q & A

Leading Solution Library

Avail More Than 1436758 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1961678
Asked

3,689

Active Tutors

1436758

Questions
Answered

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

Submit Assignment