just you know what it must be that i think
Explanation:
suppose a perfectly competitive market is sufdenly what think so
Empirical Question is a question that can be answered by observing and analyzing the world as it is known:
Investing in stocks, maintaining prices and avoiding inflammation.
Answer
Gomez's business accounting profit amounted to $37500 while economic profit is $6000
Accounting profit is simply deducting explicit costs from revenue.Explicit costs are costs that require actual cash flow from the entity.
Economic profit on the other hand is calculated by deducting both explicit and implicit costs from revenue.
Implicit costs are costs relating to alternative opportunities forgone.
Explanation:
Both accounting and economic profits are highlighted below:
Accounting profit=Total revenue-explicit costs
Revenue $82,000
Helper's wages ($15,000)
Rent ($6,500)
Materials ($23,000)
Accounting profit $37,500
Economic profit =Revenue -explicit costs-implicit costs
Revenue $82,000
Helper's wages ($15,000)
Rent ($6,500)
Materials ($23,000)
Return lost money invested ($6,000)
Lost income from porter's offer ($20,500)
Entrepreneur's talent ($5,000)
Economic profit = $6,000
If a coconut is a normal good and the price of coconuts increases, then the movement that would take place in the model could be B to A.
<h3>What happens when prices rise?</h3><h3 />
For Normal goods, a rise in prices would mean a fall in the quantity demanded. This is shown by the demand curve which shows the relationship between the quantity demanded and price.
When there is a price change, the movement will be along the demand curve which means that the demand curve would see a movement from Point B to Point A for coconuts.
Find out more on price changes and the demand curve at brainly.com/question/1139186
#SPJ1
