What is profit or loss by an economists definitions

Assignment Help Econometrics

Reference no: EM13238742

Economan has been infected by the free enterprise bug. He sets up a firm on extraterrestrial affairs. The rent of the building is $4,000, the cost of the two secretaries is $40,000, and the cost of electricity and gas comes to $5,000. There's a great demand for his information, and his total revenue amounts to $100,000. By working in the firm, though, Economan forfeits the $50,000 he could earn by working for the Friendly Space Agency and the $4,000 he could have earned as interest had he saved his funds instead of putting them in his business.

a) What is the profit o loss by an accountant's definitions?

b) What is profit or loss by an economist's definitions?

Reference no: EM13238742

Questions Cloud

Which is more costly-fencing in the four properties : There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs $10,000 per mile to set up. How much would it cost to fence a single property whose area is one square mile

Compute delta s for the reaction : the equilibrium constant is 1.5x 10^-2 at 370 degrees C and delta H is 16.0 KJ at 25 degrees C. Assuming delta H and delta S are temperature independent, calculate delta S for the reaction

What is its speed at the instant it leaves the table : A small ball rolls horizontally off the edge of a tabletop of height h, How long is the ball in the air and What is its speed at the instant it leaves the table

Compute the heat capacity per gram of metal : Calculate the heat capacity per gram of metal. Assume no heat is lost to the calorimeter or the surroundings. The specific heat capacity for water is 4.184 J/g

What is profit or loss by an economists definitions : Economan has been infected by the free enterprise bug. He sets up a firm on extraterrestrial affairs. The rent of the building is $4,000, the cost of the two secretaries is $40,000, and the cost of electricity and gas comes to $5,000.

What is the exact potential drop : A 124-? resistor and a 163-? resistor are both connected in parallel across a power supply, what is the exact potential drop (in V) across the 163-? resistor

Explain the solubility of agbro3 in aqueous solution depends : The solubility of AgBrO3 in aqueous solution depends on the presence of other substances in solution. Relative to its solubility in H2O the solubility of AgBrO3 is ______ in 0.10 NaBrO3(aq) and ____ in 0.10 M AgNO3(aq).

Compute depreciation under different methods : For the declining-balance method, Wang Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 24,000. Actual hours of use in the first 3 years were: 2009, 400; 2010, 4,500; and 2011, 5,000.

Find the value of g at the location of the pendulum : A simple pendulum has a length of 52.5 cm and makes 83.0 complete oscillations in 2.00 min, Find the value of g at the location of the pendulum

User Account

All Pages