suppose that a business incurred implicit costs of $380,000 and explicit costs of $2 million in a specific year. if the firm sold 100,000 units of its output at $27 per unit, its accounting

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14-12-2022
Business

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suppose that a business incurred implicit costs of $380,000 and explicit costs of $2 million in a specific year. if the firm sold 100,000 units of its output at $27 per unit, its accounting

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-12-19T20:54:48+01:00

When the firm sold 100,000 units of its output at $27 per unit, its accounting Profit were $700000 and its Economic profit were $320000

How to calculate the profit?

The business incurred implicit costs of $380,000 and explicit costs of $2 million in a specific year.

Accounting Profit = Total Revenue - Explicit Cost

Accounting Profit = Price*quantity - 20,00,000 = 27*100000 - 20.00,000 = 27,00,000 - 20,00,000 = 7,00,000

Economic Profit = Accounting Profit - Implicit Cost = 7,00,000 - 380,000 = 320000

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Complete question

suppose that a business incurred implicit costs of $380,000 and explicit costs of $2 million in a specific year. if the firm sold 100,000 units of its output at $27 per unit, its accounting profit is ...