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- What's the economic profitBuffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter. Buffy thinks she can sell $400,000 worth of amulets in a year. What would her accountant consider the store’s profit? 2. Should Buffy open the store? Explain.Q1) A Explain by giving example the meaning of Economic profit B) meaning of law diminishing return support your answer by giving example
- Small “Mom and Pop" firms sometimes exist even though they do not earn economic profits. How can you explain this? Think about what all is covered in economic profit?I need full explanation to these questions 1. According to the text, economic profit serves as a beacon to entrepreneurs. This means a. A positive economic profit sends a warning to investors not to invest more. b. A negative economic profit sends a signal to investors that it is time to invest more. c. A zero economic profit sends a warning to investors not to invest more. d. A positive economic profit attracts resources while a negative economic profit sends resources away. e. None of the above. 2. The difference between economic profit and accounting profit is a. Average costs b. Direct costs c. Economic costs d. Variable costs e. Marginal costsWhat does perfect competition mean and what are the concepts of it?
- Why do firms, in the long run, continue to stay in the industry if they are earning 0 profits?In the short run, what quantity does Lite and Kool produce, what price does it charge, and does it make an economic profit?Price = $20, quantity = 400 units, unit cost = $15,implicit costs $ = 4,000. What does economic profit equal?
