Scenario 5.1A dentist's practice is organized as a sole proprietorship. Last year the dentist's totarevenue was 5320,000and totalcosts were5250.000.The dentist left a Job paving$112,000 ayear to start the sole proprietorship,Question: According to the information in Scenario 5.1, how much accounting profitdid the dentist make last year?O $320.000O S70.000O $208.000O $112.000

Accounting profit is a company's net income, which is defined as revenue minus costs. Accounting…

Scenario 5.1 A dentist's practice is organized as a sole proprietorship. Last year the dentist's total revenue was $320.000 and total costs were $250,000. The dentist left a job paying $112,000 a year to start the sole proprietorship. Question: According to the information in Scenario 5.1, how much accounting profit did the dentist make last year? O $320,000 O $70,000 O $208.000 O $112,000

Scenario 5.1 A dentist's practice is organized as a sole proprietorship. Last year the dentist's total revenue was $320.000 and total costs were $250,000. The dentist left a job paying $112,000 a year to start the sole proprietorship. Question: According to the information in Scenario 5.1, how much accounting profit did the dentist make last year? O $320,000 O $70,000 O $208.000 O $112,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A5.
Which of the following statements is correct? OA. Accounting profit is typically larger than economic profit. O B. Accounting profit equals the firm's revenues minus all of its costs, implicit and explicit. OC. Economic profit equals the firm's revenues minus its explicit costs O D. All of the above
2
1. Fill in this chart and explain why the firm earnsa profit no matter how many units they produce or the price they choose. 2. Using this data, how many units should this firm produce and what price should they chargeassuming they want to profit maximize.
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4.
Question 9 of 20 Total Total Average Average Average Fixed Variable Total Marginal Variable Fixed Cost $200 Output Total (Q) Cost Cost Cost Cost Cost Cost $0 $200 $200 $150 $350 40 $200 $250 $450 60 $200 $450 $650 80 $200 $800 $1,000 For the cost data shown above, what is this firm's Average Fixed Cost when Output (Q) is 20? $10.00 $2.50 $200 O $5.00 20