EGR 116 Project 2 Controlling Motor Speed - WordMason B.LayoutReferencesMailingsReviewViewHelpO Tell me what you want to doA Aa- E-E- EAaBbCcDdE AaBbCcL AaBbC AaBbCcI AaBbCc] AaBbCcC AaA- aly - AE E-1 CaptionEmphasisHeading 11 NormalStrongSubtitleTitParagraphStylesUse the accounts listed below to answer the questions about the profit of a business.Total RevenueHired LaborMaterials PurchasedInterest that the owner could have earned on an alternative investmentIncome the owner could have earned by renting the firm's buildingUtility Payments .........Income the owner could have earned in an alternative business venture .Cost of shipping the firm's output to buyersIdentify the explicit costs incurred by this business. Why are they explicit costs?Identify the implicit costs incurred by the business. Why are they implicit costs?How much accounting profit does the firm make? Show your work.How much economic profit (loss) does this firm make? Show your work.If these financial results continue in the long run, will this firm stay in this business?$100,000.$25,000„$25,000$5,000$4,000....$5,000*2$30,000$1,000lyp

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Economics

Identify the explicit costs incurred by this business. Why are they explicit costs?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.

Question

EGR 116 Project 2 Controlling Motor Speed - Word
Mason B.
Layout
References
Mailings
Review
View
Help
O Tell me what you want to do
A Aa- E-E- E
AaBbCcDdE AaBbCcL AaBbC AaBbCcI AaBbCc] AaBbCcC Aa
A- aly - A
E E-
1 Caption
Emphasis
Heading 1
1 Normal
Strong
Subtitle
Tit
Paragraph
Styles
Use the accounts listed below to answer the questions about the profit of a business.
Total Revenue
Hired Labor
Materials Purchased
Interest that the owner could have earned on an alternative investment
Income the owner could have earned by renting the firm's building
Utility Payments .........
Income the owner could have earned in an alternative business venture .
Cost of shipping the firm's output to buyers
Identify the explicit costs incurred by this business. Why are they explicit costs?
Identify the implicit costs incurred by the business. Why are they implicit costs?
How much accounting profit does the firm make? Show your work.
How much economic profit (loss) does this firm make? Show your work.
If these financial results continue in the long run, will this firm stay in this business?
$100,000
.$25,000
„$25,000
$5,000
$4,000
....$5,000
*2$30,000
$1,000
lyp

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