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B. Accounting and Economic Profit Analysis. You have a part-time job at a gasoline station that pays P200 per day on Saturdays and Sundays. You
B. Accounting and Economic Profit Analysis. You have a part-time job at a gasoline station that pays P200 per day on Saturdays and Sundays. You are thinking of joining some friends on a weekend trip leaving Friday night and returning Monday morning. You are not yet sure if this is a possible business weekend trip with economic benefit, or a leisure activity weekend trip. They told you that your share of the expenses (travel, lodging, and miscellaneous expenses) would be P500. 1. (5 points). Considering both explicit and implicit costs, what is your total cost for the trip? 2. (5 points). Calculate the accounting and economic profits considering that you will join your friends on a weekend trip. 3. (5 points). Should you join your friends on a weekend trip? Consider different assumptions in making a decision by applying analysis using benefits over costs and the different kinds of costs
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