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Identify the explicit costs incurred by this business. Why are they explicit costs?

Identify the explicit costs incurred by this business. Why are they explicit costs?

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
ChapterA: The Use Of Mathematics In Principles Of Economics
Section: Chapter Questions
Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?
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EGR 116 Project 2 Controlling Motor Speed - Word Mason B. Layout References Mailings Review View Help O Tell me what you want to do A Aa- E-E- E AaBbCcDdE AaBbCcL AaBbC AaBbCcI AaBbCc] AaBbCcC Aa A- aly - A E E- 1 Caption Emphasis Heading 1 1 Normal Strong Subtitle Tit Paragraph Styles Use the accounts listed below to answer the questions about the profit of a business. Total Revenue Hired Labor Materials Purchased Interest that the owner could have earned on an alternative investment Income the owner could have earned by renting the firm's building Utility Payments ......... Income the owner could have earned in an alternative business venture . Cost of shipping the firm's output to buyers Identify the explicit costs incurred by this business. Why are they explicit costs? Identify the implicit costs incurred by the business. Why are they implicit costs? How much accounting profit does the firm make? Show your work. How much economic profit (loss) does this firm make? Show your work. If these financial results continue in the long run, will this firm stay in this business? $100,000 .$25,000 „$25,000 $5,000 $4,000 ....$5,000 *2$30,000 $1,000 lyp
Transcribed Image Text:EGR 116 Project 2 Controlling Motor Speed - Word Mason B. Layout References Mailings Review View Help O Tell me what you want to do A Aa- E-E- E AaBbCcDdE AaBbCcL AaBbC AaBbCcI AaBbCc] AaBbCcC Aa A- aly - A E E- 1 Caption Emphasis Heading 1 1 Normal Strong Subtitle Tit Paragraph Styles Use the accounts listed below to answer the questions about the profit of a business. Total Revenue Hired Labor Materials Purchased Interest that the owner could have earned on an alternative investment Income the owner could have earned by renting the firm's building Utility Payments ......... Income the owner could have earned in an alternative business venture . Cost of shipping the firm's output to buyers Identify the explicit costs incurred by this business. Why are they explicit costs? Identify the implicit costs incurred by the business. Why are they implicit costs? How much accounting profit does the firm make? Show your work. How much economic profit (loss) does this firm make? Show your work. If these financial results continue in the long run, will this firm stay in this business? $100,000 .$25,000 „$25,000 $5,000 $4,000 ....$5,000 *2$30,000 $1,000 lyp
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