If a firm has total revenue of 200 million, explicit costs of 190 ...

[cagreen833]

If a firm has total revenue of 200 million, explicit costs of 190 million, and implicit costs of 30 million, its economic profit is:
 a. 200 million.
  b. 70 million.
  c. 10 million.
  d. 10 million.
  e. 20 million.

Question 2

Which of these statements best describes a flow variable?
 a. An economic variable that measures something at a particular point in time
  b. An economic variable whose value is determined by the market
 c. An economic variable that is measured per unit of time
 d. An economic variable whose value shows no change over time
 e. An economic variable that remains static when other related variables change

[aliotak]

Answer to Question 1

e

Answer to Question 2

c

[cagreen833]

Thank you

[aliotak]

Happy to help you