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

Allocative efficiency, Allocative Efficiency The production of product...

Allocative Efficiency The production of products and services such that stages of production are closely tied to levels of customer demand.

Construct the balance sheet of the the total banking system, Suppose a bank...

Suppose a banking system with the following balance sheet has no excess reserves. Assume that banks will make loans in the full amount of any excess reserves that they acquire and

International monetary fund, INTERNATIONAL MONETARY FUND: The importan...

INTERNATIONAL MONETARY FUND: The important objectives before the Fund presently are as follows: • To promote international cooperation; • To facilitate the expansion and ba

The hypothesis of inflation-unemployment trade-off, The Hypothesis of Infla...

The Hypothesis of Inflation-Unemployment Trade-off : This hypothesis about formation of expectations is therefore known as the hypothesis of adaptive expectations. The hypothes

Monopsony, what are the advantages of monopsony?

what are the advantages of monopsony?

Fiscal imbalance, Fiscal Imbalance: The persistent rise in resource ga...

Fiscal Imbalance: The persistent rise in resource gap has led to a growing volume of public debt. The central feature that emerges is a serious fiscal imbalance, arising from

What is average revenue and average revenue curve, What is average revenue ...

What is average revenue and average revenue curve Average Revenue:   The average revenue is the total revenue separated by the level of output. It is therefore the price.

Incomes rise, Normal 0 false false false EN-IN X-NON...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

What are the policies and long-run growth of us, What are the Policies and ...

What are the Policies and Long-Run Growth In many concerns it is decidedly odd that world distribution of output per worker is as unequal as it is. Migration, World trade and f

Molarity and normality, What is the Molarity and Normality of the ferrous a...

What is the Molarity and Normality of the ferrous ammonium salt ? For exam....196 gm (initial)

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