ESSENTIALS OF ECONOMICS WITH CONNECT
ESSENTIALS OF ECONOMICS WITH CONNECT
11th Edition
ISBN: 9781266628146
Author: SCHILLER
Publisher: MCG
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Chapter 1, Problem 3P
To determine

(a)

To find: the opportunity cost of increasing missile production from 50 to 100.

To determine

(b)

To find: the opportunity cost of increasing missile production from 100 to 150.

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What are the answers for parts a and b? Thanks
What are the answers for a,b,c,d? Are they supposed to be numerical answers or in terms of a variable?
Sue is a sole proprietor of her own sewing business. Revenues are $150,000 per year and raw material (cloth, thread) costs are $130,000 per year. Sue pays herself a salary of $60,000 per year but gave up a job with a salary of $80,000 to run the business. ○ A. Her accounting profits are $0. Her economic profits are - $60,000. ○ B. Her accounting profits are $0. Her economic profits are - $40,000. ○ C. Her accounting profits are - $40,000. Her economic profits are - $60,000. ○ D. Her accounting profits are - $60,000. Her economic profits are -$40,000.
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