[Answered] Economic profit equals accounting profit minus A) explicit costs. B) implicit costs. C) fixed ...

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HudsonKB16

Hero Member
Posts: 535

on: Jul 1, 2018

Economic profit equals accounting profit minus

A) explicit costs.
B) implicit costs.
C) fixed costs.
D) variable costs.

Question 2

Suppose the short-run production function is q = 10 L. If the wage rate is 10 per unit of labor, then AFC equals

A) 0.
B) 1.
C) 10/q.
D) It cannot be determined from the information provided.

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tandmlomax84

Sr. Member
Posts: 323

Reply #1 on: Jul 1, 2018

Answer to Question 1

B

Answer to Question 2

D

HudsonKB16

Member
Posts: 535

Reply 2 on: Jul 1, 2018

Great answer, keep it coming

ryansturges

Member
Posts: 338

Reply 3 on: Yesterday

TYSM

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