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Economic profit is the difference between a firm's revenue and its opportunity costs.

dupoyjohn134

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6 years ago

Economic profit is the difference between a firm's revenue and its opportunity costs.

Question 1.

Donnie's Donuts incurs $450,000 per year in explicit costs and $200,000 in implicit costs. The bakery earns $800,000 in revenues and has $2 million in net worth. Based on this information, what is the accounting profit for Donnie's Donuts?

• $150,000

• $350,000

• $600,000

• $1.2 million

Question 2.

Economic profit is the difference between a firm's revenue and its opportunity costs.

• true

• false

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

Read 104 times

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urbacore

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6 years ago

More solutions for this book are available here

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dupoyjohn134 Author

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6 years ago

Thanks

rudy.zondo

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Just got PERFECT on my quiz

jmendoza

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Helped a lot

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