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Chegg Home Expert Q&A My solutions Student question Time Left: 01:58:46 Stanley owns a hardware store. At the end of the year, operation of the store has incurred explicit costs of $ 55,000. By choosing to operate the hardware store, Stanley has forgone other opportunities with value of $ 30,000. If Stanley has earned revenue of $75,000 from sales at the sore, Stanley is earning An economic profit equal to $20,000 An economic profit equal to $45,000 An accounting profit equal to $10,000 An accounting profit equal to $20,000 A normal profit equal to $ 20,000 O © Od J

Chegg Home Expert Q&A My solutions Student question Time Left: 01:58:46 Stanley owns a hardware store. At the end of the year, operation of the store has incurred explicit costs of $ 55,000. By choosing to operate the hardware store, Stanley has forgone other opportunities with value of $ 30,000. If Stanley has earned revenue of $75,000 from sales at the sore, Stanley is earning An economic profit equal to $20,000 An economic profit equal to $45,000 An accounting profit equal to $10,000 An accounting profit equal to $20,000 A normal profit equal to $ 20,000 O © Od J

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 11RQ: What is die difference between accounting and economic profit?
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Chegg Home Expert Q&A My solutions Student question Time Left: 01:58:46 Stanley owns a hardware store. At the end of the year, operation of the store has incurred explicit costs of $ 55,000. By choosing to operate the hardware store, Stanley has forgone other opportunities with value of $ 30,000. If Stanley has earned revenue of $75,000 from sales at the sore, Stanley is earning An economic profit equal to $20,000 An economic profit equal to $45,000 An accounting profit equal to $10,000 An accounting profit equal to $20,000 A normal profit equal to $ 20,000 O © Od J
Transcribed Image Text:Chegg Home Expert Q&A My solutions Student question Time Left: 01:58:46 Stanley owns a hardware store. At the end of the year, operation of the store has incurred explicit costs of $ 55,000. By choosing to operate the hardware store, Stanley has forgone other opportunities with value of $ 30,000. If Stanley has earned revenue of $75,000 from sales at the sore, Stanley is earning An economic profit equal to $20,000 An economic profit equal to $45,000 An accounting profit equal to $10,000 An accounting profit equal to $20,000 A normal profit equal to $ 20,000 O © Od J
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