An Asian manufacturer of running shoes pays its workers $275 to make 100 pairs an hour. Workers
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An Asian manufacturer of running shoes pays its workers $275 to make 100 pairs an hour. Workers use company-owned equipment that costs $300 an hour in forgone interest and economic depreciation. Materials cost $900.
Which costs are explicit costs? Which are implicit costs? With total revenue from the sale of 100 pairs of shoes of $1,650, calculate economic profit.
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Explicit costs are wages 275 and mater...View the full answer
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