Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients and the
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Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients and the bottles and the labels was $700. In addition, it took her 20 hours to make the ketchup and to do so she took time off from a job that paid her $20 per hour. Linda’s accounting profit is _____________ while her economic profit is ______________.
a. $700; $400
b. $300; $100
c. $300; negative $100
d. $1,000; negative $1,100
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e 300 negative 100 Lindas revenue is 1000 100 bottles of ketchup sold ...View the full answer
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Related Book For 
Microeconomics Principles, Problems and Policies
ISBN: 978-1259450242
20th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
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