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an increase in the equilibrium price and an increase in the equilibrium quantity of coffee
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An increase in the demand for coffee will lead to
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the price effect
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Which of the following does NOT explain why demand curves are downward slopping
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the opportunity costs of all resources used by the firm
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Implicit costs are
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income of consumers
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Which of the following will NOT affect the supply of food products?
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sunk costs
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The research and development (R&D) costs that are incurred to develop a new herbicide should not influence the decision to retire or keep in production the herbice because past R&D costs are
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total revenue- explicit costs
answer
Accounting profits are calculated as
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accounting profit is greater than economic profit
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In comparing accounting profit with economic profit, we generally find that
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I am earning an economic profit of $15,000
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If, as a manager of farm operation, I am earning accounting profits of $75,000 per year and the opportunity cost of my time is $60,000
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actual expenditures that a firm must make
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Explicit costs are
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an increase in the equilibrium price and a decrease in the equilibrium quantity of coffee
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A decrease in the supply for coffee will lead to
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opportunity costs
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A producer decides to stop growing crop A and instead use the land to grow crop B. The amount of potential profit lost by not growing crop A represents the producer's
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total revenue- explicit costs- implicit costs
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economic profits are calculated as
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as the price of good increases, quantity demanded decreases
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Demand curves show that as
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