Dalong is the owner of a furniture store. Last year, their total revenue was $160,000, their...

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Dalong is the owner of a furniture store. Last year, their total revenue was $160,000, their rent was $18,000, their labor costs were $57,000, and their overhead expenses were $52,000. Dalong could earn $15,000 per year working at another nearby furniture store. From this information, we know that their economic profit was: A seller earns $60,000 in total revenue. Their implicit costs of production are $40,000 and their explicit costs of production are $20,000. How much accounting profit did they earn? $ Suppose that a firm produces 600 units a year and sells them all for $200 each. The explicit costs of production are $87,000 and the implicit costs of production are $10,000. How much is the firm's accounting profit? Dalong is the owner of a furniture store. Last year, their total revenue was $160,000, their rent was $18,000, their labor costs were $57,000, and their overhead expenses were $52,000. Dalong could earn $15,000 per year working at another nearby furniture store. From this information, we know that their economic profit was: A seller earns $60,000 in total revenue. Their implicit costs of production are $40,000 and their explicit costs of production are $20,000. How much accounting profit did they earn? $ Suppose that a firm produces 600 units a year and sells them all for $200 each. The explicit costs of production are $87,000 and the implicit costs of production are $10,000. How much is the firm's accounting profit?

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1 To calculate the economic profit we need to consider both the explicit costs direct financial outl... View the full answer