A business owner makes 100 . items a day. Each day he/she contributes 8 hours to produce those items. If hired, elsewhere he/she could have earned 250 an hour. The item sells for 15 each. Production does not stop during weekends. If the explicit costs total 150,00 . for 30 days, the economic profit for the month equals:
a. 300,000
b. 60,000
c. 450,000
d. 240,000
Question 2
In the market for Canadian dollars measured in US dollars, if the price of a US dollar is 1.10 Canadian dollars, a Canadian dollar is
a. 1.10 US dollars
b. 1 US dollar
c. 0.91 cents US
d. 0.99 cents US
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