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Natasha_Volkova [10]
3 years ago
10

Economists consider both explicit and implicit costs when measuring economic profit

Business
1 answer:
patriot [66]3 years ago
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.

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Items of value owned by a business are known as which of the following?
Andre45 [30]

Answer:

Explanation:

Assets

6 0
3 years ago
Megan's salary for three consecutive years, along with other values, are presented in the table below.Year
garik1379 [7]

Answer:

242.65

Explanation:

Data provided in the question:

year                                       2011          2012          2013

Salary                                 $65,000   $72,000    $76,000

Consumer Price Index          226           230            235

Real Interest Rate                 2.5%          2.7%           1.8%

Nominal interest rate for 2013 = 7.3%

Now,

Rate of inflation for 2013 = Nominal rate - Real rate

= 7.3% - 1.8%

= 5.5%

Therefore,

CPI in 2013 = Consumer Price Index in 2012 × (1 + inflation )

= 230 × ( 1 + 0.055 )

= 242.65

3 0
4 years ago
Crosby contracts with Subban whereby Crosby agrees to sweep Subban retail shop at the end of each work day. Before the first pay
Alchen [17]

Crosby signs a contract with Subban and agrees to meet at Subban's business at the conclusion of each work day, before the first payment is due, and then files a lawsuit against Subban, claiming that the license is unenforceable because the license's objective is to protect the public.

<h3>What is contract?</h3>

A contract is the legal agreement between the two parties. It contains all the essentials of section 10. On the breach of such contract, the party who break the contract will be punishable under the act.

Crosby and Subban have a contract in which Crosby agrees to sweep Subban's retail store at the end of each work day. Subban discovers Crosby is unlicensed before the first payment is due.

All retail floor sweepers in Florida are required to be certified and pay annual dues.

As a result, Subban does not compensate Crosby for his efforts. When Crosby s pursues a breach of contract complaint against Subban to court, the judge will conclude the contract is invalid since the purpose of the license is to protect the public.

Therefore, the contract is unenforceable.

Learn more about the contract, refer to:

brainly.com/question/2669219

#SPJ1

4 0
2 years ago
National defense is a good that is non excludable and nonrival in consumption. Suppose that, instead of national defense being p
timama [110]

Answer:

Alan is better off by $15

Explanation:

the number of citizens in latvia = 10

if citizens were levied $10 each, total amount

= 10*10

=$100

each persons valuation = 100*0.25

= $25

$25 is also Alans valuation sice he is a part of this population.

since he contribited $10, his net gain would be

$25.00 - $10.00

= $15.00

Alan is better of by $15 in the tax system.

8 0
3 years ago
The objective of a firm using open innovation is to:
BabaBlast [244]

Answer:

The correct answer is letter "B": to reach out beyond its familiar research partners and to access R&D carried out globally.

Explanation:

Open innovation is an approach most companies are taking nowadays because of the need for adapting the goods or services they offer to the rapidly changing world we live in where product life cycles are every time shorter. Open innovation allows firms to obtain help from other domestic or international entities contributing to the development of new items or the modification of existing ones to meet consumers' needs.

3 0
3 years ago
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