How entrepreneurs allocate resources

Reference no: EM13184043

1. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college?

2. Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures? Explain.

3. Which of the following are short-run and which are long-run adjustments?

a. Wendy's builds a new restaurant.

b. Harley-Davidson Corporation hires 200 more production workers.

c. A farmer increases the amount of fertilizer used on his corn crop.

d. An Alcoa aluminum plant adds a third shift of workers.

Reference no: EM13184043

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