Question: 1. Briefly define the following terms: a. Explicit costs b. Implicit costs c. Normal profit d. Accounting profit e. Total product, average product, and marginal

1. Briefly define the following terms:

a. Explicit costs

b. Implicit costs

c. Normal profit

d. Accounting profit

e. Total product, average product, and marginal product

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

Jon-Jan Restaurants purchased green rice, a special variety of rice, from China for 100,000 renminbi on November 1, 20X8. Payment is due on January 30, 20X9. On November 1, 20X8, the company also...

Q:

I would appreciate any help Problem Set 8 Name: Firms & Their Costs 8-1 Which of the following are short-run and which are long-run adjustments? (2 pts. ca.) a. Wendy's builds a new restaurant b. IBM...

Q:

please answer all 1. Which of the following definitions is correct? A. Accounting profit + economic profit = normal profit B. Economic profit - accounting profit = explicit costs C. Economic profit =...

Q:

Match each term to its definition. 1. v Economic Cost - v Explicit Costs - Implicit Costs - > Accounting Profit . Normal Profit H. v Economic Profit Q. v Total Product (TP) C. v Marginal Product (MP)...

Q:

8-1 Which of the following are short-run and which are long-run adjustments? (2 pts. ea.) a. Wendy's builds a new restaurant b. IBM hires 200 more software engineers c. A farmer increases the amount...

Q:

Here are some questions, I know the answers but I don't know how to get it. I would love a step by step explanation for each question to get to that answer. Probably something simple and easy to...

Q:

NIL Emai Hom 0 Mail 0 Mail Wore a Spin! Spec | Eatin M Adot Raid Show 2 Post | Error Orde Sign DZI Mod tlic.tr | My |5) Curri Sign DZL C X NIU Email Work w |Hom * Cour X...

Q:

The Economics of Healthcare HOMEWORK # 7 Improvements in the health have increased the production possibility frontier (shifted #1 out) for many years. However, this improvement has not be standard...

Q:

please do all the questions from 1 up to 4. [ASSIGNMENT 1 - 100 MARKS] QUESTION 1 25 MARKS Namib Processor Limited makes and sells one product. The standard production cost per unit is as follows:...

Q:

QUESTION 2 25 MARKS Green Enterprise Ltd is in the business of recycling used automotive batteries and has seen a huge surge in business due to the recent focus on environmental awareness. Green...

Q:

1. Which of the following best describe explicit cost. A. any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers. B. any contractual...

Q:

Determine the critical t-scores for each of the conditions below. a) one-tail test, =0.005, and n = 34 b) one-tail test, x = 0.05, and n = 39 c) two-tail test, = 0.02, and n = 12 d) two-tail test, a...

Q:

What makes vendors websites a desirable tool for creating an internal database?

Q:

Choose the BEST answer to explain the correlation between risk and return. High risk investors require a higher return. There is not a correlation between risk and return. High risk investors require...

Q:

As the manager of Smith Construction, you need to make a decision on the number of homes to build in a new residential area where you are the only builder. Unfortunately, you must build the homes...