Economics 304 , Microeconomics

Assignment Help:
1. Implicit and explicit revenues minus implicit and explicit costs equals:
A. accounting profit.
B. economic profit.
C. zero profit.
D. implicit profit.

2. A business owner makes 50 items by hand in 6 hours. She could have earned $10 an hour working for someone else. If each item sells for $5 and the explicit costs total $14, economic profit equals:
A. $0.
B. $64.
C. $176.
D. $236.


Related Discussions:- Economics 304

Chamberline approach, a more simple explanation of the group equilibrium in...

a more simple explanation of the group equilibrium in the short and long run

Modern economy, Modern economy: It explored the role of money in every...

Modern economy: It explored the role of money in every modern economy.The chapter also revealed that it is necessary for the government to ensure consistency between the quant

Describing risk, Describing Risk * To measure risk we should know:  ...

Describing Risk * To measure risk we should know:  1) All the outcomes which are possible.  2) The probability that each outcome will occur. * Interpreting Probability

Substitute product, If we have two products, A and B, which are substitutes...

If we have two products, A and B, which are substitutes, we can expect that a rise in the price of A (or B) will cause the demand for B (or A) to go up.” Examine this statement wit

What simplifying assumption does macroeconomic model make, What simplifying...

What simplifying assumptions does the traditional macroeconomic model make (in addition to those made in the NIPA)?  The simplifying assumptions are:  1) The household and i

Explain the marginal rate of technical substitution, Marginal rate of techn...

Marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference curve analysis of consumer dema

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd