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Author Question: What is a normal profit? What will be an ideal response?[br][br][b][color=#566D7E]Question ... (Read 21 times)

tiffannnnyyyyyy

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on: Jun 29, 2018
What is a normal profit?
 
  What will be an ideal response?

Question 2

The above figure shows Jane's budget line and two of her indifference curves. Which of the following happens to Jane's budget line if the price of a lobster dinner increased?
 
  A) It would rotate inward around the vertical intercept, 10 lobster dinners.
  B) It would rotate outward around the vertical intercept, 10 lobster dinners.
  C) It would rotate inward around the horizontal intercept, 20 steak dinners.
  D) It would rotate outward around the horizontal intercept, 20 steak dinners.


kthug

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

A normal profit is the return a firm's owner could obtain in the best alternative business. As a result, it is an opportunity cost to the firm.

Answer to Question 2

C


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