FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Consider the following information about a business Rodriguez opened last year: price = $5; quantity sold = 15,233; implicit cost = $18,000; explicit cost

image text in transcribed
1. Consider the following information about a business Rodriguez opened last "year: price = $5; quantity sold = 15,233; implicit cost = $18,000; explicit cost = $33,000. 'What was Rodriguez's accounting profit and economic profit? Show your work. {2 points]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Of The Environment An Economic Approach To Some Problems In Using Land, Water, And Air

Quality Of The Environment An Economic Approach To Some Problems In Using Land, Water, And Air

Authors: Orris C Herfindahl, Allen V Kneese

1st Edition

1317386663, 9781317386667

More Books

Students also viewed these Economics questions

Question

★★★★★
Some food is treated with gamma radiation to kill bacteria. Why is it not a concern that people who eat such food are ingesting gamma radiation?

Answered: 1 week ago

Question

★★★★★
Explain the idea of restorative justice and the possibility of alternatives to incarceration.

Answered: 1 week ago

Question

★★★★★
Differentiate between intelligence testing and achievement testing.

Answered: 1 week ago

Question

★★★★★
1. When founder Richard Branson is no longer at the helm (and in the news), do you believe Virgin will be able to continue its forays into radically different brand extensions? What strategies can...

Answered: 1 week ago

Question

★★★★★
Define a constructor as indicated. Sample output for below program: Year: 0, VIN: -1 Year: 2009, VIN: 444555666 Using C++ language

Answered: 1 week ago

Question

★★★★★
Audience Analysis), answer this question: "Why is it important to gain some basic information about an audience to help you prepare a speech for that audience?" Be brief in your reply.

Answered: 1 week ago

Question

★★★★★
Is there any lesson of significance that you have learned from the Goal? If so, explain the relevance of this operational phenomenon to service-based and manufacturing organizations.

Answered: 1 week ago

Question

★★★★★
The OM supervisor informs you, the researcher, that the data has a large standard deviation. What data pattern would you expect to observe once you generated a time series trend?

Answered: 1 week ago

Question

★★★★★
Kari, a member of the Wave Earbuds research team, will be presenting findings about the prototype for the new wireless earbuds during an upcoming meeting. Since this meeting will have representatives...

Answered: 1 week ago

Question

★★★★★
Correct answer with proper explanation Jack could manufacture COVID 19 test kits using two processes. For process 1, the unit cost of the first two million kits is $10, and the unit cost is reduced...

Answered: 1 week ago

Question

★★★★★
Explain the concept of masking interrupts. Discuss different masking mechanisms and how they can affect the execution of a program. Describe difficulties you might encounter when developing an...

Answered: 1 week ago

Question

★★★★★
2. List five points that are crucial to pay attention to if you want to positively influence someone from a foreign culture.

Answered: 1 week ago

Question

★★★★★
1. Discuss what you think is meant by the following statements: a) Splitting an egg into half to get two chickens. b) We cannot study time by taking apart a clock.

Answered: 1 week ago

Question

★★★★★
5. Give some examples of hidden knowledge.

Answered: 1 week ago

Previous Question Next Question