If the explicit cost of producing each chair is $27 and the implicit cost is $11, then what is XYZ company's total opportunity cost for producing 603 chairs? total opportunity cost: $ Calculate XYZ company's economic profit for this week. economic profit: $

If the explicit cost of producing each chair is $27 and the implicit cost is $11, then what is XYZ company's total opportunity cost for producing 603 chairs? total opportunity cost: $ Calculate XYZ company's economic profit for this week. economic profit: $

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

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.

Question

603 chairs sold at $91 each.

If total revenue is $54,873, then calculate:

If the explicit cost of producing each chair is $27 and the implicit cost is $11, then what is XYZ company's total opportunity
cost for producing 603 chairs?
total opportunity cost: $
Calculate XYZ company's economic profit for this week.
economic profit: $

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