Question

1) Distinguish between explicit and implicit costs, and between normal and economic profits. 2) Explain why...

1) Distinguish between explicit and implicit costs, and between normal and economic profits.

2) Explain why normal profit is an economic cost, but economic profit is not.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1.What are the distinctions between the explicit and implicit costs? 2. What are the explicit and...
1.What are the distinctions between the explicit and implicit costs? 2. What are the explicit and implicit costs of going to university? 3. List and explain each carefully. What are economic costs of university attendance?
A. Distinguish between explicit and implicit costs. B. Give a few examples of Implicit costs of...
A. Distinguish between explicit and implicit costs. B. Give a few examples of Implicit costs of running a restaurant. C. Give a few examples of Explicit costs of running a restaurant.
[27] When calculating profit accountants include: A) explicit costs. B) implicit costs. C) explicit and implicit...
[27] When calculating profit accountants include: A) explicit costs. B) implicit costs. C) explicit and implicit costs. D) explicit, implicit, and external costs. [28] The economic cost of production is equal to: A) explicit costs plus excess profit. B) explicit costs plus normal profit. C) implicit costs plus excess profit. D) implicit costs plus normal profit. [29] Total revenue is the: A) revenue from one unit of a good or service sold. B) revenue from the total amount of a...
3.1 What does normal profit mean? Explain the difference between normal profit and economic profit. (6...
3.1 What does normal profit mean? Explain the difference between normal profit and economic profit. 3.2 Explain the relationship between average product and marginal product. 3.3 In economics we consider both explicit costs and implicit costs. Differentiate between implicit and explicit costs.
2. Distinguish between accounting profit and ,economic profit, and normal profit. Explain
2. Distinguish between accounting profit and ,economic profit, and normal profit. Explain
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...
QUESTION 3 (20 Marks) 3.1 What does normal profit mean? Explain the difference between normal profit...
QUESTION 3 3.1 What does normal profit mean? Explain the difference between normal profit and economic profit.    3.2 Explain the relationship between average product and marginal product. 3.3 In economics we consider both explicit costs and implicit costs. Differentiate between implicit and explicit costs.
What is the difference between explicit costs and implicit costs? List three examples each of explicit...
What is the difference between explicit costs and implicit costs? List three examples each of explicit costs and implicit costs that may be experienced by a small business. (1 mark) Word count 80.
"Accounting profits" differ from "economic profits" in that accounting profits: A.  Ignore the explicit costs of production...
"Accounting profits" differ from "economic profits" in that accounting profits: A.  Ignore the explicit costs of production while economic profits include them. B.  Include all the costs of production while economic profits do not. C.  Include the opportunity costs of firm-owned resources while economic profits ignore them. D.  Ignore the opportunity costs of firm-owned resources while economic profits include them. E.  Include the explicit costs of production while economic profits ignore them.
11.   A firm is making 0 economic profits. This means that: A.  it can cover variable costs...
11.   A firm is making 0 economic profits. This means that: A.  it can cover variable costs but not fixed costs B.  it has an opportunity cost equal to its accounting profits C.  it has explicit costs but no implicit costs D.  It has explicit and implicit costs equal to zero E.  it has revenue equal to its implicit costs 12.   A firm is making 0 economic profit. This means that: A.  firms want to enter the industry B.  firms want to exit the industry C.  firms want...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT