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Author Question: Refer to Table 9-5. Consider the following values of the consumer price index for 2015 and 2016. The ... (Read 96 times)

jjjetplane

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on: Jun 29, 2018
Refer to Table 9-5. Consider the following values of the consumer price index for 2015 and 2016. The inflation rate for 2016 was equal to
 
  A) 215 percent. B) 21.5 percent. C) 8.0 percent. D) 3.9 percent.

Question 2

What is the difference between accounting cost and economic cost?
 
  What will be an ideal response?


Moriaki

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Accounting cost measures only the out-of-pocket costs of production. Economic cost includes both out-of-pocket costs and the full opportunity costs of all the factors of production. Economic cost includes a normal rate of return on capital.


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