Busi 620 Qct 1

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QCT 1 --From the end-of-chapter discussion questions (DQ) and problems (P) --6.7 points each for a total of 80 points Salvatore’s Chapter 1: a. Discussion Questions: 9 Answer: Normal return is the minium profit that is required to cover the costs of inputs and all of expenses associated with it. Economic profit is a forgone profit and not and economic profit which is the biggest difference between the two types of profits. The difference between economic profit and business profit is that in economic profit, profit or loss is calculated by subtracting opportunity cost of the inputs from the revenue of sales. Business profit is the difference between the total revenue and total costs incurred to earn that…show more content…
| |0 |0 | | | | | |1 |8 |8 |7 | | | |2 |14 |7 |5 | | | |3 |18 |6 |3 | | | |4 |20 |5 |1 | | | |5 |20 |4 |-1 | | | |6 |18 |3 |-3 | | | |B) On the same set of axes, plot the total , average, and marginal-revenue schedules of part (a) | | | | | | | | | | | | | | | | |

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