Economic profit vs accounting profit
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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A) economic profit = $0 and accounting profit > $0. B) economic profit > $0 and accounting profit = $0. C) economic and accounting profit = $0. D) economic and accounting profit > $0. E) economic and accounting profit can take any value. Answer: A. Diff: 3. Section: 8.7. 92) What happens in a perfectly competitive industry when economic profit ...
[DOC File]ECO 610, Fall 2003
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The difference between accounting profit and economic profit: economic profit deducts implicit costs as well as explicit costs. Economists claim that economic profit determines behavior. Putting all costs on an annualize basis (or a PV basis) for appropriate comparison. Definitions. Fixed costs, variable costs, and sunk costs.
[DOC File]CHAPTER 1 - THE ART AND SCIENCE OF ECONOMIC ANALYSIS
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Three Ways of Measuring Profit. Ex. 1. Accounting profit = Economic profit = OR. Economic profit = Normal profit: = Production in the Short Run. How can a firm adjust its level of output in order to maximize profit? The answer depends on the time frame involved. Short Run vs. Long Run. The short run (SR): The long run (LR): Variable and Fixed ...
[DOC File]Microeconomics Review #1
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Accounting Profit-Economic Profit-Normal Profit-Fixed Cost (FC)-Variable Cost (VC)-Total Cost (TC)-Marginal Cost (MC)-Short Run Cost Curves* (at least one fixed resource) Long-Run Cost Curves (all resources are variable) Draw and Label ATC, AVC, and MC. Costs. Output Costs. Output . Economies of Scale-Diseconomies of Scale-
[DOCX File]apps-dso.sws.iastate.edu
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Economic principle. Accounting profit. Economic profit. Sunk cost. If economic profit were zero, then accounting profit would be… Less than zero. More than zero. Equal to zero. Not enough information to tell. Who is college “more expensive” for? A thirty year old vs. an 18 year old? For a 30 year old, implicit cost would be lower because ...
[DOC File]Principles of Microeconomics
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Explicit vs. Implicit Costs. Accounting Profit vs. Economic Profit. Making “Either- Or” Decisions. Making “How Much” Decisions – The Role of Marginal Analysis. Sunk Costs: Module 17, pp. 231 - 232. Production in the Short Run: Module 20, pp. 262 – 267. The Production Function. Fixed and Variable Inputs. Total Product and Marginal ...
[DOCX File]Saint Leo University
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How does economic profit differ from accounting profit? Have you ever considered starting a business? If you were to start your own business someday, describe the revenues and costs you would consider (make sure you are describing economic profit in your analysis).
[DOCX File]EDCONFIDENCE
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Economic profits equal zero. e. Accounting profits are negative. 4. If firms in an industry earn less than a normal profit, a. some existing firms will exit. b. the price of the industry’s product will eventually fall. c. new firms will enter.
[DOC File]Economics 160
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Calculate economic profit and accounting profit. Your answer should make clear the difference between explicit costs and implicit costs. 9. Using graphs of the firm and the market, show and explain the effects of a decrease in market demand. Discuss both the short-run and long-run effects. ANSWERS. 1.
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