Suppose that a local hardware store has explicit costs of $2 million per year and implicit costs of $44 000 per year.If the store earned an economic profit of $50 000 last year,this means that the store's accounting profit equalled:
A) $94 000.
B) $6 000.
C) $2.05 million.
D) $2.044 million.
Correct Answer:
Verified
Q3: John's accountant tells him that he made
Q3: The implicit cost of capital is:
A)the explicit
Q7: For MOST firms,economic profit is:
A)less than accounting
Q7: Jacquelyn is a student at a major
Q9: In southern Ontario,the demand for real estate
Q10: The dormitories of York University are part
Q13: Accountants use only _ costs in their
Q14: If the accounting profit for a firm
Q17: Profit computed without implicit costs is _
Q19: Costs that are included in the economic
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents