Suppose that a firm produces 180,000 units a year and sells them all for $12 each. The explicit costs of production are $1,750,000 and the implicit costs of production are $320,000. The firm earns an accounting profit of Multiple Choice $410,000 and an economic profit of $90,000. $2,160,000 and an economic profit of $180,000. $180,000 and an economic profit of $2,160,000.

Suppose that a firm produces 180,000 units a year and sells them all for $12 each. The explicit costs of production are $1,750,000 and the implicit costs of production are $320,000. The firm earns an accounting profit of Multiple Choice $410,000 and an economic profit of $90,000. $2,160,000 and an economic profit of $180,000. $180,000 and an economic profit of $2,160,000.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: The Cost Of Production

Section: Chapter Questions

Problem 1CQQ

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