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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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3 0
3 years ago
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Aggregate supply (AS) refers to the total quantity of output (goods and services) that firms are willing to produce and sell at a given price in an economy at a particular period of time.

Aggregate demand (AD) can be defined as the total quantity of output (final goods and services) that is demanded by consumers at all possible price levels in an economy at a particular time.

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In the short-run, a rightward shift in the aggregate supply (AS) curve causes output to increase and result in a price fall (lower price) while a rightward shift in the aggregate demand (AD) curve also cause output to increase and rise in prices.

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2 years ago
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3 years ago
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Answer:

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