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Difference between accounting profit and economic profit:
The difference between accounting profit and economic profit is that economists include in total cost of production both implicit and explicit costs whilst accountants see cost of production as only the explicit costs. Accounting profit is total revenue less total cost (made up of only explicit costs). The result if positive then an accounting profit is earned. If negative then an accounting loss is made and if zero then it is referred to as breakeven. Economic profit, on the other hand, is total revenue less total cost (made up of explicit plus implicit costs). The result if positive then an economic, pure or supernormal profit has been earned, if negative then an economic loss is made and if zero then normal profit has been earned.
Market demand and supply of a good is shown by QB = 2,160 - 180P and QS = -2400 + 300P where QD, QS and P stand for quantity demanded, quantity supplied and price respectively. (a
Ali Pizza’s production function is shown in the table above. Ali currently operates Plant2. He hires workers at a wage rate of $50 a day and his total fixed cost is $150. a) Calcul
In the long-run equilibrium, each firm in a perfectly competitive industry will choose the plant size associated with minimum long-run average cost. Is this TRUE or FALSE? And why?
On what kind of income is our taxing system based?
When there is a positive expected rate of inflation (i.e., an expected and sustained increase in the levels of all prices), the Benefit Cost Ratio of a proposed project will take o
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1) Lynne's income is £2, 000 and she is risk averse. The probability of someone slipping on her stairs is 1/8. If this happens, she will be sued for £1, 000 and will have to pay th
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