Reference no: EM133137861

Question - Answer each of the following questions and don't forget to indicate the sign (positive or negative).

A seller earns $20,000 in total revenue. Their implicit costs of production are $4,000 and their explicit costs of production are $10,000. How much economic profit did they earn?

Suppose that a firm produces 800 units a year and sells them all for $500 each. The explicit costs of production are $132,000 and the implicit costs of production are $256,000. How much is the firm's accounting profit?

Connor is the owner of a dentist office. Last year, their total revenue was $200,000, their rent was $79,000, their labor costs were $80,000, and their overhead expenses were $49,000. Connor could earn $46,000 per year working at another nearby dentist office. From this information, we know that their accounting profit was?