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Use the following information to calculate accounting profit and economic profit: Sales $100 Employee expenses $40 Inventory expenses $20 Value of owner’s labor in any other enterprise $40
Economics:
Economics:
Use the following information to calculate accounting profit and economic profit:
Sales $100
Employee expenses $40
Inventory expenses $20
Value of owner’s labor in any other enterprise $40
Accounting profit and economic profit is to be determined.
Explanation of Solution
Given:
Sales =$100
Employee expenses= $40
Inventory expenses= $20
Opportunity cost(value of labor in any other enterprise) = $40
Accounting Profit = Sales - (employee expenses+ inventory ...
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