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…

Answered: otal Revenue Cost of Lemonade Wages

Business

Economics

otal Revenue Cost of Lemonade Wages

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section21.2: Two Sides To Every Business Firm

Problem 2ST

See similar textbooks

Related questions

Q: Barb's Bakery usually closes on Sundays at 2PM. They are debating whether to extend their hours.…

A: A firm's profits gets increase as long as its Marginal Revenue is greater than the Marginal Cost.…

Q: Typed plz and Asap please provide a quality solution take care of plagiarism

A: The question is asking for a successful solution that has been adopted by many countries to address…

Q: briefly describe the movements you observe. Compare your two countries. Economic Growth of Argentina…

A: Here we have to analyse the economic growth of both the countries Argentina and Nicaragua.The…

Q: Don't use hand raiting please and please currect answer please

A: Step 1: Amides undergo a reduction in the presence of LiAlH(O-tBu)3 to give imines as intermediate…

Q: A two-good economy is in a competitive equilibrium. The price of a piece of candy is $2 and the…

A: Competitive market: - it is a market condition where there are many buyers and many sellers in the…

Q: 1.8. In terms of market structures, the profit- maximising rule MR = MC is followed by A. both a…

A: In perfect competition, There exists a large no. of buyers and sellers. The firm maximize it's…

Q: a. Calculate the total social costs (TSC) in the rural area when the emission level is e rural.…

A: Economists define total social cost (TSC) as the cost incurred by the producers of goods and…

Q: In 2017, the natural unemployment rate is 7 percent and the expected inflation rate is 3 percent.…

A: In short-run time intervals, there is a trade-off between inflation and unemployment rate while in…

Q: The CPI measures the average prices paid by for

A: CPI is calculated by using the following formula: CPI = Cost of market basket in given yearCost of…

Q: The table describes four possible outcomes for 2017, depending on the level of aggregate demand in…

A: Aggregate supply curve is upwards sloping curve represents positive relationship between price and…

Q: The graph shows the market for cigarettes with no tax. Draw a point to show the market equilibrium…

A: A tax shift the supply curve leftward the difference between the price buyer pays and the price that…

Q: Industrialization is important to the development of a nation for all the following reasons except:…

A: Economic development: - Economic development is the process of improving the social and economical…

Q: % 5 The graph illustrates the market for Internet service Draw a point to indicate the market price…

Q: Problem 4 Consider an industry in which the typical firm has total cost given by TC = 128+2q2.…

A: Minimum efficient scale (MES) refers to the optimal production volume at which a firm achieves…

Q: PLEASE SHOW WORK: Question 1 Consider an economy with 10,000 individuals. Of them, 5,000 each earn…

A: The Gini coefficient is widely used to determine the deviation of income or wealth among the given…

Q: 79. Why do countries with hyperinflation lack economic growth? (A) The aggregate supply curve is…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: Based on the characteristics of perfectly competitive market explain why firms in this market are…

A: Perfect competition is a type of market structure in which there are large number of buyers and…

Q: For Market A: PA = $ (Round your response to two decimal places.)

A: Profit maximisation level is at marginal revenue equal to marginal cost . When firm faces two…

Q: Suppose a certain manufacturing company produces connecting rods for 4- and 6-cylinder automobile…

A: * SOLUTION :-

Q: In a linear demand model, the relationship between quantity demanded and the market price can be…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: Which of the following would shift the long-run Phillips curve to the left? a) A change in the…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Lorie teaches singing. Her fixed costs are $1,000 a month, and it costs her $50 of labor to give one…

A: Given Demand schedule: Price ($ per lesson) Quantity demanded (lesson per month) 0 250 50…

Q: Units of Labor 1 2 3 4 5 6 Multiple Choice $2 $7 A firm's labor Input, total output of labor, and…

A: The units of labor indulged, total output and the price of the good is stated in the following…

Q: What is the value of the exercise price? $

A: An option refers to a contractual agreement that gives the buyer the right but not the obligation to…

Q: November data: Admissions: A&C = 285, NB = 30 Deaths: Medical = 21 Surgical = 3 Pediatric = 1 OB = 1…

A: The proportion of deaths calculated as a percentage of all discharges (including fatalities) during…

Q: S The table shows some of the costs of production for Frank's Firewood. The firewood market is a…

Q: The People's Republic of China has an estimated $101.54 trillion of capital with a depreciation rate…

A: The contribution of capital is 0.4 and it would affect the GDP accordingly. The rise in capital…

Q: An analyst for Food Max estimates that the demand for its "Brand X" potato chips is given by:…

A: Given:The demand function for Brand X will be:FoodMax sold = 6 million bags last year for Brand X…

Q: 12.11 A firm is considering replacing a machine that has been used to make a certain kind of…

A: To find the remaining useful life of the older machine we find its EUAC (Equivalent uniform annual…

Q: Suppose continued terrorist activity forces business firms and government to devote additional…

A: The notion is upon examining the economic consequences of reallocating resources to improved law…

Q: Which shifterincrease decrease , drawing ,change in price , change in quantity

A: Economist regularly utilizes the ceteris paribus or "taking everything into account" presumption:…

Q: Assume that a firm emits 1000 units of a pollutant. Suppose that the emissions are regulated by a…

A: Answer -

Q: Rent (per month) $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 60 70 80 Post-hurricane…

A: DISCLAIMER “Since you have asked multiple questions, we will solve the first three subparts for…

Q: Poinsettia growing is a perfectly competitive industry and all growers have the same costs. The…

A: A perfect competition market, also called an atomistic market, is referred by various idealizing…

Q: T/F There is a direct relationship between the price of a product and it's supply.

A: When all other circumstances are held constant, supply is the quantity of an item or service that…

Q: Celia's Family Photos is a photographic portrait business in a perfectly competitive market in…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define accounting profit and implicit cost

VIEW

Step 2: Calculate accounting profit

VIEW

Step 3: Calculate implicit cost

VIEW

Solution

VIEW

Step by step

Solved in 4 steps with 6 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Use the table below to answer questions about Benny: Total Revenue Cost of Lemonade Wages Interest $300,000 $11,000 $2,000 $6,000 Benny the Lemonade Guy's forgone wages $80,000 Benny the Lemonade Guy's forgone interest $15,000 Economic depreciation $2,400 Please use dollar signs when answering: What is Benny's economic profit? What are Benny's total explict costs? Which profit is greater, accounting or economic profit?
what is the distinction between economic and accounting profit
Use the table below to calculate the accounting and economic profit for Abner's Apple Art. Item Amount Total revenue $250 Costs Apples $30 Utilities $20 Lease $21 Abner's forgone wages $80 Numbers in the table are in thousands What is Abner's Apple Art's accounting profit? Accounting profit = $ thousand What is Abner's Apple Art's economic profit? Economic profit = $ thousand
I need help with question 5 mankiw chapter 13
Please answer fast I'll rate you sure..
bo Use the table below to calculate the accounting and economic profit for Abner's Apple Art. Item Macmillan Learning Total revenue Costs Apples Utilities Lease Abner's forgone wages Numbers in the table are in thousands What is Abner's Apple Art's accounting profit? What is Abner's Apple Art's economic profit? Amount $220 $30 $20 $20 $70 Accounting profit = $ Economic profit = $ thousand thousand
The equilibrium rent on office space has just increased by $500/month. Compare the effects on accounting profit and economic profit if: a. You rent your office b. You own your office space
Problem 2: Average total cost, from “Principles of Economics” by N. Gregory MankiwYou are the chief financial officer for a firm that sells gaming consoles. Your firm has thefollowing average-total-cost schedule:Quantity | Average total cost600 $300601 $301Your current level of production is 600 consoles, all of which have been sold. Someone calls, desperateto buy one of your consoles. The caller offers you $550 for it. Should you accept the offer? Why or whynot?
The blue curve on the fallowing graph represents the demand curve facing a firm that can set its own prices. Use the graph inout tool to help you answer the folowing questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white fidld, the graph and any corresponding amounts in cach grey field will change accordingly. Graph Input Tool Market for Goods 200 nguantity Semanded 20 100 Demand Price (Dolars per unt) 140 100.00 120 100 Demand 40 20 12 16 20 24 21 2 M 40 QUANTITY Iunita) On the graph inpue tool, change the number found in the Quantity Demanded feld to determine the prices that correspond to the production of 0, 8, 26, 20, 24, 32, and 40 units of output Calculate the total revenue for each of these production leveis. Then, on the fallowing graph, use the green paints (triangie symbal) to plot the resuuts. 2000 Tata Revenue 200 00 400 200 16 20 QUANTITY (Number of uni) 12 24 20 40 Calculate the total revenue if the firm produces…
Question 2 Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients, the bottles, and the labels was $700. In addition, it took her 20 hours to make the ketchup and to do so she took time off from a job that paid her $20 per hour. Instructions: Enter your answers as whole numbers. Linda's accounting profit is: Linda's econmica profit is:
What is the cost revenue? Explain with example?
Solve this question with steps please. The subject is principal of microeconomics