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Question

Answer each of the following questions and don't forget to indicate the sign (positive or negative). A seller earns $500,000 in total revenue. Their implicit costs of production are $54,000 and their explicit costs of production are $154,000. How much economic profit did they earn? $ Suppose that a firm produces 400 units a year and sells them all for $400 each. The explicit costs of production are $95,000 and the implicit costs of production are $67,000. How much is the firm's accounting profit? $ Jody is the owner of a photography company. Last year, their total revenue was $400,000, their rent was $46,000, their labor costs were $57,000, and their overhead expenses were $145,000. Jody could earn $103,000 per year working at another nearby photography company. From this information, we know that their accounting profit was: $

          Answer each of the following questions and don't forget to indicate the sign (positive or negative).
A seller earns $500,000 in total revenue. Their implicit costs of production are $54,000 and their explicit costs of
production are $154,000. How much economic profit did they earn?
$
Suppose that a firm produces 400 units a year and sells them all for $400 each. The explicit costs of production are
$95,000 and the implicit costs of production are $67,000. How much is the firm's accounting profit?
$
Jody is the owner of a photography company. Last year, their total revenue was $400,000, their rent was $46,000, their
labor costs were $57,000, and their overhead expenses were $145,000. Jody could earn $103,000 per year working at
another nearby photography company. From this information, we know that their accounting profit was:
$

Answer each of the following questions and don't forget to indicate the sign (positive or negative).
A seller earns 500,000 in total revenue. Their implicit costs of production are54,000 and their explicit costs of
production are 154,000. How much economic profit did they earn?
Suppose that a firm produces 400 units a year and sells them all for 400 each. The explicit costs of production are95,000 and the implicit costs of production are 67,000. How much is the firm's accounting profit?
Jody is the owner of a photography company. Last year, their total revenue was 400,000, their rent was46,000, their
labor costs were 57,000, and their overhead expenses were145,000. Jody could earn 103,000 per year working at
another nearby photography company. From this information, we know that their accounting profit was:

Added by -Scar Q.

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