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Author Question: Economic profit equals accounting profit minus A) explicit costs. B) implicit costs. C) fixed ... (Read 166 times)

HudsonKB16

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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.


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tandmlomax84

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

D


HudsonKB16

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  • Posts: 535
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

amcvicar

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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