Distinguish between explicit and implicit costs

Reference no: EM13183740

1. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?

2. Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures?

Reference no: EM13183740

Questions Cloud

State what is the maximum mass of aluminum chloride : What is the maximum mass of aluminum chloride that can be formed when reacting 18.0g of aluminum

Find the long run equilibrium for monopolistic competition : Graph an increase in demand when supply is elastic and show the change in eq. P and Q. Graph a similar increase in demand when supply is inelastic and show the change in eq. P and Q. Compare the results. Graph a market with a tax where firms pay th..

Define the density of chloroform : Given that the density of chloroform is 1.48 g/mL, and the molar mass is 119.38 g/mol, how many moles of chloroform did the student measure?

State volume to liters and express the result : The Vehicle Assembly Building at the Kennedy Space Center in Florida has a volume of 3,666,500 m^3. Convert this volume to liters and express the result in standard exponential notation.

Distinguish between explicit and implicit costs : Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?2. Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or econ..

Find the confidence limit and true value : Find the confidence limit (95% confidence level), true value (from literature), absolute error, and relative error).

Compute the risk associated with the investmint : An investment of $18,000 is expected to generate annual revenue of $8,000 throughout life of the investment. The risk is based the life of the investment. The estimate of probabilities for the duration of the investment is given in the table below..

Compute the moles of propane present before the reaction : consider the reaction of 5.0g of propane with 10.0ml ofmolecular bromine to form 2,2 dibromopropane and hydrogenbromide. a. look up the molecular weight of propane (44.1) and calculate the moles of propane present before the reaction

Determine the mean and standard deviation : An investment opportunity has the potential of generating yearly revenues with the associated probabilities for the next five years as shown below. The salvage value at the end of five years is 0. The potential revenue in any given year is indepen..

User Account

All Pages