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

Question

1 Approved Answer

Which of the following expressions is correct? a. accounting profit= total revenue- explicit costs b. economic profit= total revenue - implicit cost c. economic profit=

Which of the following expressions is correct?

a. accounting profit= total revenue- explicit costs

b. economic profit= total revenue - implicit cost

c. economic profit= total revenue - explicit cost

d. both a and b are correct

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

Step: 3

blur-text-image

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

Holt McDougal Larson Geometry

Holt McDougal Larson Geometry

Authors: Ron Larson, Laurie Boswell, Timothy D. Kanold, Lee Stiff

1st Edition

0547315171, 978-0547315171

More Books

Students also viewed these Economics questions

Question

★★★★★
Give the structures of the two stereoisomeric alkenes with the molecular formula C6H12 that react with HI to give the same single product and undergo catalytic hydrogenation to give hexane.

Answered: 1 week ago

Question

★★★★★
Supply chain management is to do with managing materials in the following areas, with the exception of: (a) raw materials supply (b) manufacturing (c) assembly (d) selling (e) distribution to end...

Answered: 1 week ago

Question

★★★★★
Define self-image. (p. 24)

Answered: 1 week ago

Question

★★★★★
Suppose that a certain brand of light bulb has a mean life of 600 hours and a standard deviation of 53 hours. (a) A histogram of the data indicates the sample data follow a bell-shaped distribution....

Answered: 1 week ago

Question

★★★★★
Thank you Answer: Question 16 Comly Communications issues a $600,000, 10%, 20-year mortgage note on January 1. The terms provide for annual installment payments of $69,932, exclusive of real estate...

Answered: 1 week ago

Question

★★★★★
Which of the following is a common drawback of using case studies to learn management? Group of answer choices Case studies are exclusively concerned with the organization's internal functioning, but...

Answered: 1 week ago

Question

★★★★★
Objective 3: Compute the Mean and Standard Deviation of a Binomial Random Variable 6.2 The Binomial Probability Distribution 6.2.RA-2 0.67 of 1 Point Question Help According to an almanac, 60% of...

Answered: 1 week ago

Question

★★★★★
Because cigarettes and tobacco are dangerous for the health of both smokers and passive smokers, it can be concluded that cigarettes and tobacco are as harmful as drugs. There is no reason for the...

Answered: 1 week ago

Question

★★★★★
1. two challenges you encountered when creating the work breakdown structure (WBS) for the topic assignment. Provide specific examples of strategies you used to overcome the challenges. In replies to...

Answered: 1 week ago

Question

★★★★★
Are you aware of the range of associations that exist to offer opportunities for event interventions ? Give some examples. 2. How do you market events to trade associations, and what types of...

Answered: 1 week ago

Question

★★★★★
Apply the "Transformation Model" as a construct for understanding the relationship between the inputs, processes, and outputs of an organization.

Answered: 1 week ago

Question

★★★★★
How would you train others to perform the task? Explain.

Answered: 1 week ago

Question

★★★★★
What is the total cost of training based on the current expenses? Lets assume that 100 employees will participate in this training program. What is the average training cost per employee? (For...

Answered: 1 week ago

Question

★★★★★
Why is it important for a firm to conduct career development?

Answered: 1 week ago

Previous Question Next Question