The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential earnings as a salaried worker = $60,000 Annual lease on building - $30,000 Annual revenue from operations = $250,000 Payments to workers = $100,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6.000 If, other things equal, Creamy Crisp's revenue rose to $284,000. Multiple Cholce Its implicit costs would exceed its economic costs. It would earn a normal profit but not an economic profit. It would suffer an economic loss. Its accounting profit would fall to $0.

The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential earnings as a salaried worker = $60,000 Annual lease on building - $30,000 Annual revenue from operations = $250,000 Payments to workers = $100,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6.000 If, other things equal, Creamy Crisp's revenue rose to $284,000. Multiple Cholce Its implicit costs would exceed its economic costs. It would earn a normal profit but not an economic profit. It would suffer an economic loss. Its accounting profit would fall to $0.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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