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elena55 [62]
3 years ago
6

Suppose a local hardware store has explicit costs of $2 million per year and implicit costs of $44,000 per year. If the store ea

rned an economic profit of $50,000 last year, this means that the store's accounting profit equaled:________.a. 6000b. 94000c. 2.044 milliond. 2.05 million
Business
1 answer:
xeze [42]3 years ago
5 0

<u>Answer: </u>Option B$94000

<u>Explanation:</u>

The economic profit of the company can be found from the difference of the total revenue and the total cost that includes implicit and explicit cost. To find the total revenue earned the economic profit formula can be used.

Economic profit = Total revenue - (Explicit cost+ Implicit cost)

50000=Total revenue - (2,000,000+44,000)

Total Revenue = 2,044,000+50000

=2,094,000

Accounting profit is the actual profits earned by the firm which is calculated as difference between revenue and explicit cost. Implicit cost are not paid for they are the hidden costs.

Accounting profits = Total revenue - Explicit cost

=2,094,000 - 2,000,000

=$94,000

Thus the accounting profit of the local hardware store is $94,000.

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katovenus [111]

Answer:D.

maintain a concerned expression

Explanation:

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The best expression is to maintain a concerned expression that shows you sympathise with his situation and you have personalised the situation.

This sympathy is expressed as doing your best to effectively solve the customer problem.

7 0
3 years ago
To decrease buyer power, the firm can a.​Differentiate its product b.​Decrease dependency on a single buyer c.​Sell its pr
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7 0
3 years ago
"According to the law of demand, with everything else being equal, the quantity demanded for a good or service will ____________
m_a_m_a [10]

Answer: Decrease

Explanation:

According to the Law of  Demand, The quantity demanded for purchase of a commodity inversely varies with the price.

That is to say that "ceteris paribus" ( with everything being equal),When the prices of a particular good go higher, people will buy less of such commodity but will buy more, if the prices of the goods reduces.

We can say demand is elastic if quantity demanded for a commodity decreases with increase in price which will make people choose another  lower substitute good eg, detergent, ice cream

Also if  quantity demanded does not change much with increase in price , then it is referred to as Inelastic Demand  for example necessity commodity such as gasoline.

5 0
3 years ago
It is standard procedure to reject a job offer during the interview so you do not waste the time of the interviewer.
vivado [14]

Answer:

False.

Explanation:

In an interview for a job, there is no specific rule to be followed that an interviewee must follow. An interview is a perfect time to get to know more about the company's needs and also to advertise yourself.

But in case the job is no something that you like, then you must call the interviewer back and thank them for their time and also tell them the reason for the job rejection. Moreover, it is unethical to abruptly decline any job offer. Also, rejecting a job during the interview is not a standard procedure, for it will only make you seem more unethical and disrespectful.

Therefore, <u>it is not true that rejecting a job on the spot during an interview is a standard procedure.</u>

6 0
3 years ago
Whispering is a corporation that sells breakfast cereal. Based on the accounts listed below, what are Whispering's total trade r
Leto [7]

Answer:

the total trade receivable is $12,300

Explanation:

The computation of the total trade receivable is shown below:

= note due from customer + Due and unpaid from this month's sales + Due and unpaid from last month's sales

= $1,570 + $9,730 + $1,000

= $12,300

Hence, the total trade receivable is $12,300

The other items would not be considered as it is not a trade receivables

8 0
3 years ago
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