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Explain the concepts of revene, costs, and profit
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- Which of the following profits represent economic profit? Choose all that apply. a. Your company sells 1,000 cars per month. Each car costs $20,000. Your cost for parts is $4 million. Your labor costs are $3 million. Your total profit is $13 million. b. During the summer, you make ten go-karts and sell each one for $100. It costs you $200 in supplies. You could have made $500 during the summer if you had chosen to deliver phone books. Your total profit is $300. c. A restaurant makes $10,000 per month in total revenue. Supplies cost $2,000 per month, and labor costs are $3,000 per month. The restaurant's profit is $5,000. d. A high-end airplane company sells five private jets per year. Each jet is sold for $10 million. The profit margin is 12 percent. If you were to change course and make yachts with the same available resources, you would make no additional profit.What is the difference between accounting profit and economic profit? Select one: a. Accounting profit is always lower because it is actually money. b. The difference is really not important. c. Accounting profit considers explicit financial costs and economic profit doesn't d. Economic profit considers implicit opportunity costs and accounting profit doesn't e. A and D are correctDescribe the methods that can be used to to determine where profit is maximized?
- What is average profit margin means?Buffy 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.Please don't copy others answer it's wrong . Give me correct answer i will upvote you
- Suppose that you want to open a new business or purchase an existing one. Describe that business. What good or service would you provide? Where would you be located? What would be some explicit costs of starting the business? What would be some implicit costs?Solve this question early I upvoteexplain the photo regarding the net profit margin and give insights about it. also, provide a graph for that and explain how you made it. use your own words
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