Question.5172 - Instead of being employed at a printing company at a salary of $25,000 per year.Sally starts her own printing firm. Rather than renting a building that she owns to someone else for $10,000 per year, she uses it as the location for her company.Her costs for workers, materials, advertising, and energy during her first year are $125,000.If the total revenue from her printing company is $155,000, her total economic profit is A. -$5,000 B. $5,000 C. $20,000 D. $30,000 E. $120,000 2. An entrepreneur has earned enough total revenue to cover her economic costs. What must be true? (A) Her accounting costs are larger than her economic costs. (B) Her accounting profits are less than her implicit costs. (C) Her explicit costs are equal to her implicit costs. (D) Her implicit costs are less than her total fixed costs. (E) Her accounting profits are positive. 2. All of the following statements are correct EXCEPT: (A). Economic profit equals total revenue minus total cost, including both explicit and implicit costs. (B). Accounting profit equals total revenue minus total cost, including both explicit and implicit costs. (C). Explicit costs are actual payments made to outsiders for resources used in production. (D). Implicit costs are the opportunity costs of using resources owned by the firm. (E). Normal profit is earned when economic profit equals zero.
Answer Below:
1) Question 1 asks for economic profit. Economic profit is calculated as:Economic Profit =Total Revenue − (Explicit Costs + Implicit Costs)If:Total Re...
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