Answer:
Economic profit is $0
Explanation:
Economic profit is sales revenue minus both explicit and implicit costs.
Explicit costs are the costs that involve actual cash movements,whereas the implicit costs are the costs or benefits forgone,for the benefits Bob had to forgo in order to run his own business such the salaries that could he could earn if he takes up an employment rather than self-employment.
Sales revenue $90,000
less explicit costs:
Insurance ($5,000)
Material costs ($25,000)
Lease payments ($10,000)
implicit cost:
Salaries forgone ($50,000)
Economic profit $0
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Answer:
Amount which is earned from bank B will be $7444.21
Explanation:
We have given principal amount P = $7500
Rate of interest r = 9 %
We have to find the interest after 8 years
Total amount after 8 year is given by
So the amount which he earn more = $14944.21 - $7500 = $7444.21
It is called Market Power...
