If a firm has total revenue of $100,000, the owner's labor in the firm is valued at $20,000, and the firm has explicit costs of $90,000, then the firm has earned a(n) negative economic profit of $10,000 O accounting profit of $20,000. economic profit of $10,000. O accounting loss of $10,000.

A small coffee house has the following costs:  building and pizza oven rentals 100,000  labor 120,000owners salary given up 85,000 value of entrepreneurial talent 30,000 raw material 100,000 Bank loan payment 15,000 interest given up by owner 5,000 revenue for the firm is expected to be 420,000 for the year.  a. List by name and amount the firms fixed explicit costs  b. List by name and amount the forms variable explicit costs c. List by name and amount the forms implicit cost  d. Calculate the firms accounting profits and its economic profit e. Should the firms continue business in the long term if revenues and costs continue at the same lev? Why or why not?

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Question 8 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 Marginal Cost (MC) if it increases its Output (Q) from 20 to 40? $100 $10.00 $7.50 O $5.00 20

ntQu102spring22 (1) - Protected View • Saved to this PC - O Search (Alt+Q) Faridatu Pafadnam References Mailings Review View Help t Defender Advanced Threat Protection and it hasn't detected any threats. If you need to edit this file, click enable editing, Enable Editing 3) Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry. MC SRATC 4 SRAVC 1.5 1 100 200 300 400 Quantity FIGURE 1 a) Refer to Figure 1. If the current market price is $6, what is the profit-maximizing output for this firm? b) Refer to Figure 1. If the price is $6 and the firm is producing at its profit-maximizing output, then what are total costs for the firm? c) Refer to Figure 1. If the market price is $1, the firm will produce short run. units of output in the d) Refer to Figure 1. If the market price is $2, what the firm will do? Price $

Tammy quit her job as a math teacher making $70,000 per year to start her own online business. The first-year revenue totaled to $200,000. During the first year of online business, Tammy paid $50,000 for the office rent and $20,000 for utilities and supplies. What is the amount of accounting profit generated from Tammy’s online business?     $60,000     $200,000     $130,000     $70,000