This is a repeated question since you guys only answerone question at a time!   Let's assume that a firm's total weekly costs are as follows: 1. Salaries = $2,600. 2. Supplies = $400. 3. Rent = $800.In addition, the owners have invested their own money into the business. This could have earned them interest of $150 per week if they had chosen to put it into a bank instead of investing it into their business. If the firm has weekly revenue of $4,000, what are the firm's accounting profit and economic profit? Show your work please.

Q: Explain the implicit costs associated with pursuing an MBA.  Which do you think are greater for a…

A: Implicit costs, also known as imputed costs, represent the opportunity cost of using resources that…

Q: e) The short-run cost function of a company is given by the equation TC = 200 + 55q, where TC is the…

A: The short-run cost function of a company is given as: Total Cost: TC = 200 + 55q where; TC = total…

Q: Cost Curve Graphs  To earn full credit your graphs must display the following: The Average Total…

A: The figure mention below represents the different cost curves and levels of output produce in a…

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A: Opportunity cost: - opportunity cost is a forgone benefit that we could have earned by applying all…

Q: Felix's only variable cost. Felix has a fixed cost of $80 per day and pays each of his workers $120…

A: The concept of MC can be explained as a cost that shows the type of cost that an individual,…

Q: Paul owns and operates his own business. To keep up with new technology, he spends $3,000 per year…

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Q: capital and $162 million on materials. The firm's factory sits on land owned by the firm that could…

A: An economic profit is the difference between the revenue a commercial entity has received from its…

Q: Let's assume that a firm's total weekly costs are as follows: 1. Salaries = $5000. 2. Supplies =…

A: Accounting profit refers to the net income of a business as calculated using the generally accepted…

Q: Table 1 below describes the costs associated with producing a good (Q). Use it to answer the…

A: The objective of the question is to determine the fixed costs of production from the given table.…

Q: Output (q) VC MC AFC AVC AC 1 $100 $64 $164 $64 $100.00 $64.00 $164.00 2 112 212 48 50.00 56.00…

A: The table is completed below ,   where , FC: Fixed Cost VC : Variable Cost C: Total Cost  MC :…

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A:

Q: Suppose you have t = 5 hours in total to spend on some projects to make some money. The table below…

A: Marginal revenue refers to the additional revenue gained by selling 1 more unit of output .

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A: Fixed cost is the cost that does not changes as output changes. In the given question, the output is…

Q: a. What is the MRP? What is the MRC? MRP = $ %3D MRC = $ Should the firm add this delivery vehicle:…

A: Marginal revenue product refers to the additional revenue earned by using an additional unit of a…

Q: Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the…

A: Total cost is the sum of variable cost and fixed cost. Fixed cost remains same at all levels of…

Q: Quantity Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost…

A: Here, the given table shows different types of cost incurred in the production process and the…

Q: A watch manufacturer finds that at 1,000 units of output, its marginal costs are below average total…

A: In business, the average total cost, or ATC, is the sum of all product costs divided by the volume…

Q: What is the difference between implicit and explicit costs? Why do economists include both implicit…

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Q: Distinguish between explicit and implicit costs, giving examples of each. Why does the economist…

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Q: A delivery company is considering adding another vehicle to its delivery fleet; each vehicle is…

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Q: Economist T. Yntema estimated the short-run total cost function of the United States Steel…

A: Total cost is the sum of fixed cost and variable cost.  Fixed cost is that part of the total cost…

Q: Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and…

A: Implicit Cost: Implicit cost is due to the factors which are entrepreneur himself owns and employs…

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Q: A firm had sales revenue of $1 million last year. It spent $600,000 on labor, $150,000 on capital…

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A:

Q: Break-Even Point The break-even point for a company is where costs equal revenues. Therefore the…

A: In short run, each and every firm focus to recover variable cost and ready to bear fixed cost .

Q: otal Revenue Cost of Lemonade Wages

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

Q: The money that a firm spends on rent is an example of an implicit cost. A firm's explicit costs are…

A: In general, implicit costs are non-incurred and cannot be precisely assessed for accounting…

Q: Nimubs, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the…

A: Cost functions are crucial tools for understanding and analyzing the cost framework for a firm's…

Q: The table below provides information about the cost of inputs and value of output for the production…

A: To calculate the value added at each stage of production and the total contribution of the bike to…

Q: Continue analyzing the production for a firm.  Use the Total Variable Costs calculated in the…

A: Production is the process of creating goods or services. It involves the use of inputs, such as raw…

Q: Fill in the remaining cells of the table. (Note: If a value is a decimal, round to the nearest…

A: MC = Change in TC / Change in Q AFC = TFC / Q AVC = TVC / Q ATC = TC / Q Q TFC TVC TC MC AFC AVC…

Q: Let F be the fixed cost of production, let VC be the variable cost of production, C be the total…

A: TC is consisting of fixed cost and variable cost. Fixed costs are those costs which a company has to…

Q: Read Chapter 13 and fill in the grid below. Also add a column to the grid -to the "right" of Average…

A: The table can be filled as follows:

Q: Use the accompanying graph to answer the following questions. Assume the company makes 30,000 parts…

A: Total cost is the cost incurred in the production process. Total fixed cost is the cost of the…

Q: Quantity Total Fixed Costs Total Variable Costs (Dollars) (Dollars) 0 180 0 1 180 80 2 180 140 3 180…

A: 1) Variable Cost is the cost when nothing is produced therefore when output is zero variable cost is…

Q: Imagine that you own your own business, or you are the manager of a company. Please provide concrete…

A: Fixed cost- It is not impacted by any change in the production or sale of goods.Variable cost- It…

Q: The following incomplete table describes the costs faced by a firm as it produces an increasing…

A: Marginal cost is the cost incurred in making or procuring an additional unit of output.  For…

Q: This chapter discusses many types of costs: explicit costs, implicit costs, total cost, average…

A: The questions given are based on different types of cost and are quite self explanatory.

Q: a. Define explicit costs and implicit costs.   b. Assume the following: * A firm buys a unit of…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: firm had sales revenue of $1 million last year. It spent $600000 on labor, $150000 on capital…

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Q: The table below describes the hourly cost Sam faces as he washes more cars.   Sam's Car Wash Costs…

A: The Total Cost is the real cost of producing a specific amount of output. In other words, the total…

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A: Average fixed cost refers to the fixed cost per unit of output produced by a firm.Average variable…

Q: Calculate total costs at 4 units of output.  Do not put a dollar sign in your answer.  (The 6…

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

Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.