The table below provides the total revenues and cost for a dental practice for one year....

  

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The table below provides the total revenues and cost for a dental practice for one year. Total Revenue (S) 950,000 Total Costs (S): Wages and salaries 700,000 Risk-free return of 3% on owner's capital of $1,000,000 Interest on bank loan Cost of supplies Depreciation of capital equipment Additional wages the dentist owner could have earned in her next best alternative Risk premium of 4% on owner's capital of $1,000,000 7.1 Calculate the amount of explicit costs. 7.2 Calculate the amount of implicit costs. 7.3 Calculate the amount of accounting profits. 7.4 Calculate the amount of economic profits. 30,000 50,000 150,000 20,000 0 40,000 19 The table below provides the total revenues and cost for a dental practice for one year. Total Revenue (S) 950,000 Total Costs (S): Wages and salaries 700,000 Risk-free return of 3% on owner's capital of $1,000,000 Interest on bank loan Cost of supplies Depreciation of capital equipment Additional wages the dentist owner could have earned in her next best alternative Risk premium of 4% on owner's capital of $1,000,000 7.1 Calculate the amount of explicit costs. 7.2 Calculate the amount of implicit costs. 7.3 Calculate the amount of accounting profits. 7.4 Calculate the amount of economic profits. 30,000 50,000 150,000 20,000 0 40,000 19

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