Page 1 of 1 Answer each of the following questions and don't forget to indicate the sign (positive or negative). A seller earns $180,000 in total revenue. Their implicit costs of production are $64,000 and their explicit costs of production are $97,000. How much economic profit did they earn? Suppose that a firm produces 800 units a year and sells them all for $100 each. The explicit costs of production are $60,000 and the implicit costs of production are $19,000. How much is the firm's economic profit? Isa is the owner of a fine art gallery. Last year, their total revenue was $80,000, their rent was $2,000, their labor costs were $16,000, and their overhead expenses were $10,000. Isa could earn $11,000 per year working at another nearby fine art gallery. From this information, we know that their economic profit was:
Page 1 of 1 Answer each of the following questions and don't forget to indicate the sign (positive or negative). A seller earns $180,000 in total revenue. Their implicit costs of production are $64,000 and their explicit costs of production are $97,000. How much economic profit did they earn? Suppose that a firm produces 800 units a year and sells them all for $100 each. The explicit costs of production are $60,000 and the implicit costs of production are $19,000. How much is the firm's economic profit? Isa is the owner of a fine art gallery. Last year, their total revenue was $80,000, their rent was $2,000, their labor costs were $16,000, and their overhead expenses were $10,000. Isa could earn $11,000 per year working at another nearby fine art gallery. From this information, we know that their economic profit was:
Chapter1: Making Economics Decisions
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Transcribed Image Text:Accounting and Economic Profit
Page 1 of 1
Answer each of the following questions and don't forget to indicate the sign (positive or negative).
A seller earns $180,000 in total revenue. Their implicit costs of production are $64,000 and their explicit costs of
production are $97,000. How much economic profit did they earn?
Suppose that a firm produces 800 units a year and sells them all for $100 each. The explicit costs of production are
$60,000 and the implicit costs of production are $19,000. How much is the firm's economic profit?
Isa is the owner of a fine art gallery. Last year, their total revenue was $80,000, their rent was $2,000, their labor costs
were $16,000, and their overhead expenses were $10,000. Isa could earn $11,000 per year working at another nearby fine
art gallery. From this information, we know that their economic profit was:
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