Identify the costs and revenues that economists include while calculating profit that accountants do not include.

Question

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Answer 1

Question

Chapter 11, Problem 1QE

To determine

Identify the costs and revenues that economists include while calculating profit that accountants do not include.

Expert Solution & Answer

Explanation of Solution

According to the trend, compared with the accountants, economists include all opportunity costs as costs. It includes both explicit costs as well as the implicit costs. For instance, the opportunity costs of production factors are generated by the business owners. The accountants do not include implicit cost as a cost while calculating the profit. On the other hand, economists consider fluctuations in the value of any of the company’s assets in income and total sales. At the same time, accountants are limited to total sales. For instance, the implicit revenue changes in the value of any assets owned by the firms. Such as its own building and equipment.

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HW Ch5 Calculate the daily total revenue when the market price is $180, $160, $140, $120, $100, $80, $60, and $40 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. 2 @ 3840 3520 3200+ 2880 2560+ 2240 TOTAL REVENUE (Dollars) 1920 1600 1280 960 + 640+ 0 0 8 16 24 32 40 48 56 64 72 80 QUANTITY (Bippitybops per day) Total Revenue ? According to the midpoints formula, the price elasticity of demand between points A and B on the initial graph is approximately . Suppose the price of bippitybops is currently $60 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand between points A and B is , a $20-per-bippitybop decrease in price will lead to MacBook Air in total revenue per day. F2 80 F3 #3 $ 4 5 6 F6 < F7 * 8 & 27 DII 8 F8 F9 F10 61 0 W E R T Y U 0 P S D LL F G H J K L

Answer 2

Question

Chapter 11, Problem 1QE

To determine

Identify the costs and revenues that economists include while calculating profit that accountants do not include.

Expert Solution & Answer

Explanation of Solution

According to the trend, compared with the accountants, economists include all opportunity costs as costs. It includes both explicit costs as well as the implicit costs. For instance, the opportunity costs of production factors are generated by the business owners. The accountants do not include implicit cost as a cost while calculating the profit. On the other hand, economists consider fluctuations in the value of any of the company’s assets in income and total sales. At the same time, accountants are limited to total sales. For instance, the implicit revenue changes in the value of any assets owned by the firms. Such as its own building and equipment.

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Answer 3

Question

Chapter 11, Problem 1QE

To determine

Identify the costs and revenues that economists include while calculating profit that accountants do not include.

Expert Solution & Answer

Explanation of Solution

According to the trend, compared with the accountants, economists include all opportunity costs as costs. It includes both explicit costs as well as the implicit costs. For instance, the opportunity costs of production factors are generated by the business owners. The accountants do not include implicit cost as a cost while calculating the profit. On the other hand, economists consider fluctuations in the value of any of the company’s assets in income and total sales. At the same time, accountants are limited to total sales. For instance, the implicit revenue changes in the value of any assets owned by the firms. Such as its own building and equipment.

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Answer 4

Question

Chapter 11, Problem 1QE

To determine

Identify the costs and revenues that economists include while calculating profit that accountants do not include.

Expert Solution & Answer

Explanation of Solution

According to the trend, compared with the accountants, economists include all opportunity costs as costs. It includes both explicit costs as well as the implicit costs. For instance, the opportunity costs of production factors are generated by the business owners. The accountants do not include implicit cost as a cost while calculating the profit. On the other hand, economists consider fluctuations in the value of any of the company’s assets in income and total sales. At the same time, accountants are limited to total sales. For instance, the implicit revenue changes in the value of any assets owned by the firms. Such as its own building and equipment.

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Answer 5

Chapter 11, Problem 1QE

To determine

Identify the costs and revenues that economists include while calculating profit that accountants do not include.

Expert Solution & Answer

Explanation of Solution

According to the trend, compared with the accountants, economists include all opportunity costs as costs. It includes both explicit costs as well as the implicit costs. For instance, the opportunity costs of production factors are generated by the business owners. The accountants do not include implicit cost as a cost while calculating the profit. On the other hand, economists consider fluctuations in the value of any of the company’s assets in income and total sales. At the same time, accountants are limited to total sales. For instance, the implicit revenue changes in the value of any assets owned by the firms. Such as its own building and equipment.

Answer 6

Chapter 11, Problem 1QE

To determine

Identify the costs and revenues that economists include while calculating profit that accountants do not include.

Expert Solution & Answer

Explanation of Solution

According to the trend, compared with the accountants, economists include all opportunity costs as costs. It includes both explicit costs as well as the implicit costs. For instance, the opportunity costs of production factors are generated by the business owners. The accountants do not include implicit cost as a cost while calculating the profit. On the other hand, economists consider fluctuations in the value of any of the company’s assets in income and total sales. At the same time, accountants are limited to total sales. For instance, the implicit revenue changes in the value of any assets owned by the firms. Such as its own building and equipment.

Answer 7

Chapter 11, Problem 1QE

To determine

Identify the costs and revenues that economists include while calculating profit that accountants do not include.

Answer 8

Expert Solution & Answer

Explanation of Solution

According to the trend, compared with the accountants, economists include all opportunity costs as costs. It includes both explicit costs as well as the implicit costs. For instance, the opportunity costs of production factors are generated by the business owners. The accountants do not include implicit cost as a cost while calculating the profit. On the other hand, economists consider fluctuations in the value of any of the company’s assets in income and total sales. At the same time, accountants are limited to total sales. For instance, the implicit revenue changes in the value of any assets owned by the firms. Such as its own building and equipment.