Microeconomics Final Milestone-23

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101

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Economics

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Nov 24, 2024

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CONCEPT → Demand of Labor 23 CONCEPT → Economic Profit: Implicit Revenue and Costs The delivery of frozen foods and the truck drivers that deliver them are factors of production used together; that is, they are complements. When the demand for one complement rises, the demand and wages for the other complement will rise as well. Sleek Hair Accessories has produced 35,000 hair bands that cost the company $0.03 each to make. They recently sold 35,000 of the hair bands to a local drug store at $0.11 each. Their opportunity cost is $1,000. What is Sleek Hair Accessories’ economic profit? RATIONALE Economic profit is (total explicit revenue plus total implicit revenue) minus (total explicit cost plus total implicit cost). So, the economic profit would be (35,000 × $0.11) − ((35,000 × $0.03) + ($1,000)) = ($3,850) − ($1,050 + $1,000) = ($3,850) − ($2,050) = $1,800. ● ● $1,500 $1,800 ● $2,350 ● $2,500 MILESTONE 25/25
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