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Calculate accounting profit given:-
Total revenue = $3000
Explicit cost = $3000
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- Distinguish between implicit and explicit costs. How is it possible to havepositive accounting profit and negative economic profit concurrently?Danielle decides to withdraw her savings of $70,000 and invest in starting her own clothing business. She normally earns $3,000 in interest from her savings. If Danielle earned an accounting profit of $60,000 last year, what was her economic profit?15- ____________ refers to the additional revenue gained from selling one more unit. Group of answer choices Total revenue Marginal revenue Economic profit Accounting profit
- The difference between economic profit and accounting profit is equal to: zero implicit and explicit costs. implicit and explicit revenues. implicit revenues minus implicit costs.Suppose a firm has the following expenditures per day: $250 for wages and salaries, $50 for materials, $60 for equipment, and $40 for rent. The market wage for the manager is $120 per day but the owner-manager does not draw a salary. Assume the daily revenue is $420. What is the accounting profit for the firm described above? Just give equation formula.Calculate accounting profit given:- Total revenue = $4500 Explicit cost = $4500
- Total Revenue is: Select one: a) Accounting profit+Accounting Costs b) Prixe * Quantity c) All of the options are correct d) None of the options are correct e) Explicit Cost+Implicit Cost+Economic ProfitsManagement believes it can sell a new product for $8.50. The fixed costs of production are estimated to be $6,000, and the variable costs are $3.20 a unit. Complete the following table at the given levels of output and the relationships between quantity and fixed costs, quantity and variable costs, and quantity and total costs. Quantity Total Revenue Variable Costs Fixed Costs Total Costs Profits (Loss) 0 500 1,000 1,500 2,000 2,500 3,000 Determine the break-even level using the above table and use the following Equation to confirm the break-even level of output. PQB = FC + VQB PQB - VQB = FC QB (P-V) = FC QB = FC P-V What would happen to the total revenue schedule, the total cost schedule, and the break-even level of output if management determined that fixed costs would…connie turn down job offer with insurance company that would have her paid 70,000 per year to start her own photographic business she uses 20,000 of her own saving to help start the business savings that had been providing her a returnn of 1,000 per year. over her first year in business connie collect total revenue of 180,000 and must cover explicit cost of 105,000 during her first year in business connie 's accounting profit is and her economic profit is a.75,000 , -16,000 b.110,000; 4,000 c.110,000; -16,000 d. 75,000; 4,000
- True/False Marginal cost is the addition to the total cost when more unit of output is being produced.Find the level of the accounting profit Explicit cost is given as = $ 130 Total revenue = $ 190Anthony quit his job where he was earning an annual salary of $48,000 to open his own business. Annually, he will pay $18,000 for rent, $120,000 for wages, $36,000 for raw materials. If he receives annual revenue of $230,000, then his accounting profit will be _____ and his economic profit will be _____. a negative; negative b negative; positive c positive; negative d positive; positive