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Economics 20th Edition by Campbell McConnell ,Stanley Brue ,Sean Flynn
Edition 20ISBN: 978-0077660772Economics 20th Edition by Campbell McConnell ,Stanley Brue ,Sean Flynn
Edition 20ISBN: 978-0077660772 Exercise 1
Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients, 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
A) $700; $400
B) $300; $100
C) $300; negative $100
D) $1,000; negative $1,100
Explanation
Verified
Verified
Accounting profit refers to the financia...
Economics 20th Edition by Campbell McConnell ,Stanley Brue ,Sean Flynn
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