trying to figure this out for understanding If the owner of the drugstore hired a manager for $10 an hour to take his place, how much of a change would show up in:Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-)in front of those numbers.a. Accounting profits per month?b. Economic profits per month?%24%24 Refer to the table below to answer two questions. The table shows the monthly economic profit of a drugstore.Total (gross) revenues per month$ 27,000less explicit costs:Cost of merchandise sold$ 17,000Wages to cashier, stock, and delivery help2,500Rent and utilities800Тахes700Total explicit costs$ 21,000Accounting profit (revenue minus explicit costs)$ 6,000less implicit costs:Wages of owner-manager, 300 hours @ $10 per hour3,000Return on inventory investment, 10% per year on $120,0001,000Total implicit costs$4,000Economic profit (revenue minus all costs)$2,000

If the owner of the drugstore hired a manager for $10 an hour to take his place, how much of a change would show up in: Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Accounting profits per month? b. Economic profits per month?

If the owner of the drugstore hired a manager for $10 an hour to take his place, how much of a change would show up in: Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Accounting profits per month? b. Economic profits per month?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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