Answer:
B. $34,000; -$1,000
Explanation:
Accounting profit equals total revenue minus explicit costs. Here,
$50,000 - $12,000 - $1,000 - $3,000 = $34,000.
Economic profit equals total revenue minus the sum of both explicit and implicit costs. Here,
$50,000 - $12,000 - $1,000 - $3,000 - $35,000 = -$1,000
Here is a sizing chart from the Kohl’s website and they sell ASICS
Answer:
Option (a) is correct.
Explanation:
Here, shoes are normal goods as there is a positive relationship between the income level of the consumer and the quantity demanded for shoes. It can be seen that as the income of the consumer increases from $19,000 to $21,000 then as a result the quantity of pairs of shoes demanded increases from 9 to 11 pairs. Normal goods are generally have positive income elasticity of demand.
Therefore, the shoes are normal goods in this case.
