Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Price = $20, quantity = 400 units, unit cost = $15, implicit costs = $4,000. What does economic profit equal?
Estimate the value of economic profit.
Economic profit can be calculated by subtracting both explicit costs and implicit costs from the total revenue.
If price is $20, quantity is 400 units; then the total revenue can be calculated as follows:
Thus, the value of total revenue is $8,000.
If unit cost is $15 and quantity is 400, then the value of explicit cost can be calculated as follows:
Thus, the value of explicit cost is $6,000
Chapter 21 Solutions
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