Crackerjack Chicken is a local fast food chain in Toowoomba that is looking to expand. They...
Crackerjack Chicken is a local fast food chain in Toowoomba that is looking to expand. They have recently opened a store in Brisbane where the revenue is $4,000/day, with explicit costs of $2,000/day. The opportunity cost of opening the store in this location is considered to be $3,000/day.
Which of the following statements are true: (MULTPLE CHOICE, HAVE TWO ANSWERS)
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According to an economist, Crackerjack Chicken were correct in opening a store in Brisbane. |
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The Crackerjack Chicken store in Brisbane is not earning a normal profit. |
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The Crackerjack Chicken store in Brisbane is making an accounting profit of $2,000/day. |
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Crackerjack Chicken's implicit cost for opening the store in Brisbane is unknown. |
Homework Answers
Answers:
The Crackerjack Chicken store in Brisbane is not earning a normal profit.
The Crackerjack Chicken store in Brisbane is making an accounting profit of $2,000/day.
Explanation:
Crackerjack is not earning any normal profit because the revenue is less than the sum of explicit and implicit costs.
Accounting profit = Revenue - explicit costs = $4,000 - $2,000 = $2,000.
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Crackerjack Chicken is
a local fast food chain in Toowoomba that is looking to expand.
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