This topic contains a solution. Click here to go to the answer

Author Question: The term Production Function refers to the A) use of machinery and equipment in production. B) ... (Read 79 times)

vicky

  • Hero Member
  • *****
  • Posts: 586
The term Production Function refers to the
 
  A) use of machinery and equipment in production.
  B) relationship between costs and output.
  C) relationship between inputs and output.
  D) role of labor unions.

Question 2

A lawyer running his own business earns 18,000 in revenue monthly. He pays 8,000 as explicit costs including staff salary and utilities. He owns the office space so no rent is paid..
 
  The lawyer could work for other legal firms and earn 10,000 per month. His business profit is ________ and his economic profit is ________. A) 10,000, 10,000
  B) 28,000, 10,000
  C) 10,000, 0
  D) 8,000, 0



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

cclemon1

  • Sr. Member
  • ****
  • Posts: 312
Answer to Question 1

C

Answer to Question 2

C




vicky

  • Member
  • Posts: 586
Reply 2 on: Jul 1, 2018
:D TYSM


tuate

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

For a complete list of videos, visit our video library