Use the table below to answer questions about Benny:Total RevenueCost of LemonadeWagesInterest$200,000Please use dollar signs when answering:What is Benny's accounting profit?What are Benny's total implicit costs?$10,000$4,000$5,000Benny the Lemonade Guy's forgone wages $80,000Benny the Lemonade Guy's forgone interest$2,000Economic depreciation$2,400Normal profit$13,000

Accounting profit is the subtraction between total revenue and explicit cost. A firm's payments to…

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otal Revenue Cost of Lemonade Wages

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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