Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
ChapterA: The Use Of Mathematics In Principles Of Economics
Section: Chapter Questions
Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?
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![EGR 116 Project 2 Controlling Motor Speed - Word
Mason B.
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A Aa- E-E- E
AaBbCcDdE AaBbCcL AaBbC AaBbCcI AaBbCc] AaBbCcC Aa
A- aly - A
E E-
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1892b7c7-d26b-4856-9459-f88a8ccb422e%2F9d6676e5-2f8e-41bb-bee0-2987dd8e9518%2F5hu084k_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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