Explain by giving example the meaning of Economic profit

Q: 4. What is the total cost of producing 100 units of output? 5. How much profit was made?

A: Before calculating the total cost, the least cost combination of the inputs should be calculated.…

Q: 1. An entrepreneur is thinking of starting a firm. The firm will pay Tk. 320,000 in wages/salary,…

A: Accounting profit, also referred to as bookkeeping profit or financial profit, is net income earned…

Q: Explain how short-run economic profits become long-run economic costs. When profits fall to zero,…

A: A stopwatch or a calendar cannot correctly identify the boundary between the short and long runs. It…

Q: i just need a short answer like an examples please . .. Use an appropriate example from your…

A: Accounting profit takes into account only explicit cost while economic profit takes implicit cost as…

Q: Question 4. Suppose that in an economy, the production function is Y = KO.7L0.3, when K is capital…

A: A production function in economics describes the technical relationship between quantities of…

Q: Q1. Pizzas sell for $13 each. Pat's cost of producing pizzas is given below. Complete the table:…

A: Total cost is defined as the sum of fixed cost and variable cost. The fixed cost is the cost that…

Q: Briefly explain what is meant by: 1) account profit; 2) economic profit; and 3) zero economic…

A: 1. Accounting Profit: The accounting profit refers to the profit that comes after subtracting the…

Q: 7. Suppose a Professor leaves his job at a university to open his own consulting firm. As a…

A: According to the given information,  Implicit cost for Professor is $80,000 Explicit cost for…

Q: 1. What is profit? What is the difference between accounting profit and economic profit? 2. What is…

A: In a financial year, each firm /industry earns some revenue. Profit is the amount remaining from the…

Q: 4. Which of the following is considered when calculating economic profit but not accounting profit?…

A: Cost is the amount incurred by the producer or manufacturer for the production of goods and…

Q: Description   Given the following graph, please label the curves where asked and answer the…

A: Here ,we have to find profit - maximizing level of output.

Q: 19. Normal profit is A. O Part of total cost B. O Part of economic profit C. O Total revenue minus…

A: Answer: Normal profit: normal profit occurs when the economic profit is zero. Economic profit refers…

Q: Explain some of the different factors that would affect a firm’s profitability and what might make a…

A: The profit/loss of a firm is the amount of net benefit from to the business from participating in…

Q: Use the following information to answer Questions 11 and 12:  Suppose a dentist is organized as a…

A: Hey, thank you for the question, since there is multiple question posted, according to our policy we…

Q: The following is cost Information for the Creamy Crisp Donut Company. Entrepreneur's potential…

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Q: Solve for the MRP at A B, and C. Use this formula: MRP = change in TR/ change in Quantity of Factor…

A: Marginal revenue product is the additional revenue earned due to an additional unit of factor hired.…

Q: A man managing a restaurant for $20,000 per year decides to open his own diner. His revenue during…

A: Every business has two types of cost, implicit and explicit

Q: List and describe the four assumptions that underlie the theory of perfect competition.

A: The four fundamental assumptions of the perfect competition are: The products are homogeneous,…

Q: 1. Maximizing profits means to ______. a. create a balance between seeking economic profits and…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: c. Find the profit and the instantaneous rate of change of profit at a production level of 800 car…

A: Profit is said to be the revenue generated by a firm over its cost, which can be calculated using…

Q: 18. Assuming that the apple farmer could earn $1, 000 as an employee elsewhere, then the tota…

A: Total Economic profit refers to total revenue minus explicit and implicit costs.

Q: Explain the difference between economic profit and accounting profit.

A: Economic Profit: In economic profit explicit cost is subtracted from revenue. It also include…

Q: With the help of an example explain the difference between accounting and economic profit. Building…

A: The term perfect t competition refers to a theoretical market structure. during a perfect…

Q: Janet spends $20,000 per year on painting supplies and storage space. She recently received two job…

A: Given  Cost of supply of painting and storage space = $20,000 Janet sells 25 painting per year and…

Q: A   Explain by giving example the meaning of Economic profit     B) meaning of law diminishing…

A: A firm can earn economic profit depending on the type of market it operates and the prevalence of…

Q: Frank is an engineer who had decided to leave his job making $150,000 per year to brew and sell…

A: Economics is the branch of knowledge in which we study scarce resources and unlimited wants. The…

Q: C. Fill in the average revenue and marginal revenue in the table. Output (Q) Total Revenue (TR)…

A: The sum of money generated per unit of output is referred to as average revenue. In other words, it…

Q: Question 4 a. The following presents the costs and revenues for a firm. Quantity Total Cost Marginal…

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Q: 1.Describe the profit maximising rule.

A: Marginal Cost(MC) is the additional expenditure incurred on the production of additional unit of…

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A: the graph represents the revenue and cost curves of a monopoly. AR= demand/ average revenue curve MR…

Q: 4. Perfect competition is a hypothetical market form associated with neo- classical economic theory.…

A: An  market is a collection of systems, institutions, processes, social relationships, and…

Q: Using price (P), quantity (q), and average total cost (ATC), define profit rate (per unit profit),…

A: We all know that the formula for average total cost is:-  The ratio of total cost and quantity which…

Q: 6. Refer to above Scenario. According to an economist, which of the following total revenue will…

A: 6) Economic profits= Total revenue- explicit costs- implicit costs Explicit costs are the costs…

Q: 24.Use the graph to answer the question Where on the graph would firms be experiencing diseconomies…

A: Ans. Diseconomies of scale are a situation of cost disadvantage when a firm changes its size of…

Q: Define and explain the differences between accounting profit and economic profit

A: Firms earn revenue with the help of the sale of the products that it produces. On the other hand, it…

Q: Explain by giving example the meaning of Economic profit

A: An economic profit or loss is the difference between the total revenue earned by the firm through…

Q: 150 120 Marginal Revenue 30 -30 3 6 9 12 15 21 24 27 30 QUANTITY (Units) Comparing your total…

A: Total revenue is the product of price and output. Marginal revenue is the additional income in…

Q: 1.) If firms are rational, why is it they could underproduce or overproduce? 2.) What is the demand…

A: (Since you have posted a question with multiple sub parts, we will solve the first three sub parts…

Q: what is the company business model o What is the revenue model? Give a general idea of how the…

A: Economics is the study of the efficient allocation of resources. Since humans have unlimited wants,…

Q: 1. Shelby is an entrepreneur who has decided to open a small advertising firm. She rents office…

A: Given: Rental space=$25000 Salary=$30000 Annual utility= $20000 Alternative of salary…

Q: Explain how to determine a firm's cost of production and economic profit

A: Production Cost:- Manufacturing expenses are the expenses incurred by a firm when it manufactures an…

Q: 6 If a company’s total revenue is $1,744,322, their explicit costs are $863,214, and their…

A: "When firms produce commodities or services they get revenue from sales of their products but they…

Q: Please explain the following i. Differentiate between Accounting Profit and Economic Profit ii.…

A: Profit is simply excess revenue over cost. Profit = Total revenue - total cost  It is primarily of…