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Acccounting profit is greater than economic profit , please explain the statement with hand drawn diagram fully.
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- How profit is different from the incorporating normal profit and when the normal profit is into average cost curve?If Hasan runs the restaurant himself and before setting up this business, he was working in a company as a salesman for $15,000 per year. Hasan owns the building that his restaurant in housed in and could have rented it out for $10,000 per year. Those would be an implicit cost of opening his own restaurant. Calculate the economic profit?What is meant by normal profit?
- What is Economic Profit as compared to the Financial Profit? To compute Economic Profits, which costs are used? Give exampleplease show complete graph with labelsYou've been hired by Goldilocks Bakeshop to calculate measures of costs and revenue. Given the data they have provided you with (see table), you are asked to compute the following: a. Total Revenue (TR) at each Quantity (Q) level b. Marginal Revenue (MR) c. Marginal Cost (MC) d. Profit at every quantity level Quantity Price Total cost Total Marginal Marginal cost Profit revenue revenue 10 5 12 3 15 5 19 5 24 30 7 45 5. 5) 5)
- Problem 2: Average total cost, from “Principles of Economics” by N. Gregory MankiwYou are the chief financial officer for a firm that sells gaming consoles. Your firm has thefollowing average-total-cost schedule:Quantity | Average total cost600 $300601 $301Your current level of production is 600 consoles, all of which have been sold. Someone calls, desperateto buy one of your consoles. The caller offers you $550 for it. Should you accept the offer? Why or whynot?I'm not sure if I am doing this correctly, also not sure where the profit and loss go on the graphs.You plan to open your own hamburger shop. After doing some research and planning, you have created the table below to help estimate how much to charge for your hamburger to make a profit. You already identified various quantities of hamburgers you could potentially produce as well as the related variable and fixed costs. Review the information already provided in the Hamburger Shop Information Costs table, then calculate and enter the remaining information. # of Hamburgers Variable Costs Fixed Costs Total Costs Average Total Cost Average Variable Cost Marginal Cost 1,000 $500 $5,000 $5,500 2,500 $1,000 $5,000 $6,000 4,000 $1,400 $5,000 $6,400 9,000 $2,400 $5,000 $7,400 13,000 $3,400 $5,000 $8,400 20,000 $10,000 $5,000 $15,000 45,000 $31,250 $5,000 $36,250