Use the table below to calculate the accounting and economic profit for Abner's Apple Art. Item Amount Total revenue $250 Costs Apples $30 Utilities $20 Lease $21 Abner's forgone wages $80 Numbers in the table are in thousands What is Abner's Apple Art's accounting profit? Accounting profit = $ thousand What is Abner's Apple Art's economic profit? Economic profit = $ thousand
Use the table below to calculate the accounting and economic profit for Abner's Apple Art. Item Amount Total revenue $250 Costs Apples $30 Utilities $20 Lease $21 Abner's forgone wages $80 Numbers in the table are in thousands What is Abner's Apple Art's accounting profit? Accounting profit = $ thousand What is Abner's Apple Art's economic profit? Economic profit = $ thousand
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 37CTQ: How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant,...
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Question
Use the table below to calculate the accounting and economic profit for Abner's Apple Art.
Item | Amount | |
---|---|---|
Total revenue | $250 | |
Costs | Apples | $30 |
Utilities | $20 | |
Lease | $21 | |
Abner's forgone wages | $80 |
Numbers in the table are in thousands
What is Abner's Apple Art's accounting profit?
Accounting profit = $
thousand
What is Abner's Apple Art's economic profit?
Economic profit = $
thousand
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