Positive economic profit is
Question 5
Positive economic profit is
the money income of the firm's owner
the excess of revenues over explicit costs
the excess of revenues over implicit costs
a signal for firms in other industries to expand their output
a signal for resources to enter the industry in the long run'
Question 6
Which of the following is the best measure of productivity?
total profit per unit of output
total output per dollar of revenue
total output per hour
total output
total output per unit of resource input
Homework Answers
Q5 Option 4
Positive economic profit is the difference between total revenue and total cost(explicit and implicit cost). So a positive profit attracts newd firms in the long run
Q 6 Option 4
Productivity refers to how efficient is a process for an input. So total output per unit of input is a best measure.
Suppose a firm doubles the amount of all of its factors of production and, as a result, output increases from 100 to 300...
Suppose a firm doubles the amount of all of its factors of production and, as a result, output increases from 100 to 300 units. This firm is operating under Increasing cost Decreasing costs Long-run decreasing returns Decreasing total cost Diseconomies of scales Positive economic profit is The excess of revenues over implicit costs A signal for firms in other industries to expand their output A signal for resources to enter the industry in the long run The excess of revenues...
please do 123456 correctly Question 1 (1 point) An example of an intermediate product is O...
please do 123456 correctly
Question 1 (1 point) An example of an intermediate product is O bricks O the output of a clothing manufacturer O unskilled labour O asparagus O a middle manager Question 2 (1 point) When a firm increases employment of a variable input in the short run, it O shifts its total product curve upward O is making a long-run decision O shifts the production possibility curve O moves along its total product curve O alters its...
Which statement is true about economic profit: Select one: a. Generally large than accounting profit. b....
Which statement is true about economic profit: Select one: a. Generally large than accounting profit. b. Calculated by subtracting only implicit costs of using owner-supplied resources from the firm's total revenue. c. Negative when explicit costs exceed revenues. d. A theoretical measure of a firm's performance and has little value in real world decision-making.
Refer to the table below to answer two questions. The table shows the monthly economic profit...
Refer to the table below to answer two questions. The table shows the monthly economic profit of a drugstore. $ 27,000 9.09 points $ 17.000 2.500 800 700 $ 21.000 $ 6,000 ebook Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Tæves Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs Wages of owner-manager, 300 hours $10 per hour Return on inventory investment,...
Question 1: Determine whether the following expense is explicit or implicit A firm makes a rent...
Question 1: Determine whether the following expense is explicit or implicit A firm makes a rent payment to a landlord for retail space. Implicit Costs Explicit Costs points Print Question 2: A firm has provided you with the following information: Total Revenue $700 Implicit Costs $450 Explicit Costs $50 What is the firm's accounting profit? $ What is the firm's economic profit? $ Question 3: An industry is said to be in the long-run when: all prices have become variable....
To maximize profit, a price taker will expand its output as long as the sale of...
To maximize profit, a price taker will expand its output as long as the sale of additional units adds more to revenues (marginal revenues) than to costs (marginal costs). Therefore, the profit-maximizing price taker will produce the output level at which marginal revenue (and price) equals marginal cost. In a price-taker market, if a business produces efficiently (i.e., that is, where marginal revenues = marginal costs), the firm will be able to make at least a normal profit. True of...
Microeconomics Chapter 9. Name Emili 1. Economic cost can best be defined as any contractual obligation...
Microeconomics Chapter 9. Name Emili 1. Economic cost can best be defined as any contractual obligation that results in a flow of money expenditures resource suppliers. B. those payments for resources that involve an obvious cash transaction. C. the income the firm must provide to resource suppliers to attract ri uses. D. the opportunity cost of using a resource already owned by the firm. 2. Which of the following is most likely to be an implicit cost for C (A)....
i need help pls last chance 21... In monopolistic competition, when firms make an economic profit,...
i need help pls last chance 21... In monopolistic competition, when firms make an economic profit, A. new firms enter the industry so that the price falls and the economic profit eventually falls to zero. B. the existing firms continue to make an economic profit in the long run because of product differentiation. C. new firms enter the industry so that output decreases and the economic profit increases. D. new firms enter the industry so that output increases and the...
The firm type that involves sole decision maker power for the owner, unlimited liability for the...
The firm type that involves sole decision maker power for the owner, unlimited liability for the owner. limited ability to raise money, and ends with the death of an owner is sole proprietorship m partnership. O corporation. all of the above. 0 none of the above. Question 2 4 pts The partnership firm type has a complex decision making process, but also has unlimited liability for the owners and is dissolved with the death of one of the owners. True...
Show me the formulas for explicit cost, implicit cost, accouting profit, and economic profit. Tell me what to do for pr...
Show me the formulas for explicit cost, implicit cost,
accouting profit, and economic profit. Tell me what to do for
problems a-d.
ASSUME THAT YOU OWN AN ENGINEERING FIRM THAT HAS THE FOLLOWING COST AND REVENUE INFORMATION FOR LAST YEAR: ........ -total revenue from operations $650,000 $650, 165,000 -wages of clerks and assistants -$100,000 of your money is invested in the firm; it could earn 5% interest if invested elsewhere (.05 x $100,000) . 5,000 -cost of inventory, supplies, and...
please do 123456 correctly
Question 1 (1 point) An example of an intermediate product is O bricks O the output of a clothing manufacturer O unskilled labour O asparagus O a middle manager Question 2 (1 point) When a firm increases employment of a variable input in the short run, it O shifts its total product curve upward O is making a long-run decision O shifts the production possibility curve O moves along its total product curve O alters its...
Refer to the table below to answer two questions. The table shows the monthly economic profit of a drugstore. $ 27,000 9.09 points $ 17.000 2.500 800 700 $ 21.000 $ 6,000 ebook Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Tæves Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs Wages of owner-manager, 300 hours $10 per hour Return on inventory investment,...
Question 1: Determine whether the following expense is explicit or implicit A firm makes a rent payment to a landlord for retail space. Implicit Costs Explicit Costs points Print Question 2: A firm has provided you with the following information: Total Revenue $700 Implicit Costs $450 Explicit Costs $50 What is the firm's accounting profit? $ What is the firm's economic profit? $ Question 3: An industry is said to be in the long-run when: all prices have become variable....
Microeconomics Chapter 9. Name Emili 1. Economic cost can best be defined as any contractual obligation that results in a flow of money expenditures resource suppliers. B. those payments for resources that involve an obvious cash transaction. C. the income the firm must provide to resource suppliers to attract ri uses. D. the opportunity cost of using a resource already owned by the firm. 2. Which of the following is most likely to be an implicit cost for C (A)....
The firm type that involves sole decision maker power for the owner, unlimited liability for the owner. limited ability to raise money, and ends with the death of an owner is sole proprietorship m partnership. O corporation. all of the above. 0 none of the above. Question 2 4 pts The partnership firm type has a complex decision making process, but also has unlimited liability for the owners and is dissolved with the death of one of the owners. True...
Show me the formulas for explicit cost, implicit cost,
accouting profit, and economic profit. Tell me what to do for
problems a-d.
ASSUME THAT YOU OWN AN ENGINEERING FIRM THAT HAS THE FOLLOWING COST AND REVENUE INFORMATION FOR LAST YEAR: ........ -total revenue from operations $650,000 $650, 165,000 -wages of clerks and assistants -$100,000 of your money is invested in the firm; it could earn 5% interest if invested elsewhere (.05 x $100,000) . 5,000 -cost of inventory, supplies, and...
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