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Social Science Clinic => Economics => Microeconomics => Topic started by: HudsonKB16 on Jul 1, 2018

Title: Economic profit equals accounting profit minus A) explicit costs. B) implicit costs. C) fixed ...
Post by: HudsonKB16 on Jul 1, 2018

Economic profit equals accounting profit minus
 
  A) explicit costs.
  B) implicit costs.
  C) fixed costs.
  D) variable costs.

Question 2

Suppose the short-run production function is q = 10  L. If the wage rate is 10 per unit of labor, then AFC equals
 
  A) 0.
  B) 1.
  C) 10/q.
  D) It cannot be determined from the information provided.

Title: Economic profit equals accounting profit minus A) explicit costs. B) implicit costs. C) fixed ...
Post by: tandmlomax84 on Jul 1, 2018

Answer to Question 1

B

Answer to Question 2

D