Economists consider both explicit and implicit costs when measuring economic profit

1 answer:

7 0

Explicit and Implicit costs should be considered when measuring economic profit because a business must cover its opportunity costs as well as its out-of-pocket expenses to be truly profitable. Economic profit consists of revenue minus implicit (opportunity) and explicit (monetary) costs. Explicit costs are monetary costs a firm has. Implicit costs are the opportunity costs of a firm’s resources.

You might be interested in

What are the origins of the reactants and the destination of the products?

julsineya [31]

The origins of the reactants and the destination of the products are :
The products of aerobic respiration are carbon dioxide, water, and energy. The reactants are Glucose and Oxygen.
This will be needed for the formation of ATP during photosynthesis process

hope this helps

8 0

3 years ago

What is the difference between a positive economic statement and a normative statement?

yaroslaw [1]

Answer:

e. A positive economic statement can be proved; a normative statement cannot.

Explanation:

A positive economic statement are objective statement that can be tested, amended or rejected by referring to available evidence.

this means in essence that a positive economic statement is prone to improvement when proven. it is not rigid

a normative statement is subjective that cannot be changed. it is rigid.

7 0

3 years ago

The United States will import 3 million CDminusRom drives if ________ tax per CDminusRom drive is levied on imported CDminusRom

Brums [2.3K]

Answer:

A. no

Explanation:

If there is no tax rate per CDminusRom, to import it will cost less. It is easier when there is no tax rate attached. Therefore, The United States will import 3 million CDminusRom drives if ____NO____ tax per CDminusRom drive is levied on imported CDminusRom drives. Hence, the answer is A

8 0

3 years ago

Suppose you deposit $2,500 at the end of year 1, nothing at the end of year 2, $750 at the end of year 3, and $1,300 at the end

pantera1 [17]

Answer:212121212212121212ggthdfb b bgf bv f fsbggrb

2121211212122121212121212

Explanation:

4 0

3 years ago

Ordering a mocha latte and paying for it from the starbucks smartphone app is using what type of internet commerce?

FromTheMoon [43]

<span>You are using M-Commerce (Mobile Commerce).
It is a type of e-commerce that can be handled from a mobile phone, a PDA or smartphone The first M-Commerce was launched in 1997, and since then its use has become widely spread worldwide. There are different payment methods to choose from, such as: contactless payment, credit cards and debit cards, micropayment services, and stored-value cards</span>

7 0

3 years ago