If accounting profit is $400,000 greater than economic profit, what do implicit cost equal?

Q: What is Explicit Cost?

A: The cost of production is the cost incurred in the process of production in the economy by a firm.…

Q: How do fixed costs change over the long-term? Do costs get re-categorized into a variable cost when…

A: Fixed costs are the costs that do not change with the change in quantity while variable costs are…

Q: How is the difference between average total cost and average variable cost impacted by an increase…

A: Average total cost is the total cost per unit whereas average variable cost is the total variable…

Q: What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?

A: According to the law of diminishing marginal returns, after a certain level adding additional units…

Q: Are all fixed costs also sunk costs?

A: Sunk Cost: It refers to the cost that is once incurred can’t be recovered.Fixed Cost: It is the cost…

Q: When marginal cost exceeds average total cost, which of the following must be true?   Question 14…

A: Costs are the expenses that a firm incurs in the form of the purchase of inputs to produce goods and…

Q: What is optimization? How does it blow up the myth about profit being a result of a mere…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: What is the difference between sunk cost and fixed cost? Explain with examples.

A: Sunk costs and fixed costs are two kinds of expenses borne by a corporation in the different…

Q: Copy the table below into your answer booklet and fill in the missing figures: output total cost…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: how is the slope of the total cost and marginal cost related?

A:

Q: If the marginal cost is increasing does this tell you whether the average variable cost is…

A: Economic costs involve not just the accounting costs but also the opportunity cost of making one…

Q: Why does total cost increase faster as output increases?

A: A producer has to incur various types of costs in order to produce goods and services. This includes…

Q: what is explicit cost with example

A: The correct answer is given in the second step .

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

A: Each firm in any industry is driven by profit motive. The goal of a firm is to maximize its sales…

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…

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A:

Q: What is the difference between economic profit and accounting profit? What is a normal rate of…

A: As per honor code, we’ll answer only one question at a time , we have answered the first question…

Q: Why is the short run marginal cost curve U- Shaped?

A:

Q: What cost would an accounting statement reveal should current decisions be based on accounting cost.

A: Accounting statement should reveal the cost of production,cost of capital.

Q: “Sunk cost is a fixed cost, but not in the long term.” Is this statement true or false? Explain!

A: In an economy, the cost is classified in different forms according to its effect on organizational…

Q: If accounting profit is $400000 greater than economic profit, what do implicit costs equal?

A: Implicit cost: A certain expense is any cost that has just happened yet not appeared or detailed as…

Q: is it true that the marginal cost curve intersects the average variable cost curve at the break-even…

A: Marginal cost: It is the cost that is incurred by the firm to produce one extra unit. Average…

Q: if economic profit equals accounting profit, what do implicit cost equal?

A: (Q) If economic profit equals accounting profit, what do implicit cost equal? There are two types of…

Q: Define fixed and variable costs and give examples of each in manufacturing. What is total cost,and…

A: Cost is something that, depending on its type, can be categorized in many ways. Classification…

Q: Calculate a cost function from a production function and explain how economic costs differ from…

A: The economic cost is the money value of all resources in the business. It also implies the…