t 7- Total Rever Assistant\'s $100,000 Material & equipment salary s 20,000 15,0
ID: 1103203 • Letter: T
Question
t 7- Total Rever Assistant's $100,000 Material & equipment salary s 20,000 15,000 30,000 1,000 10,000 orgone salary The dit Forgone interest Foregone building rental 5. Sally owns a small business that she operates in a small building she owns. Given the information in Exhibit 7-1, Sally's accounting profit is a. $80,000 b. $50,000 c. $65,000 d. $35,000 e. $24,000 Sally owns a small business that she operates in a small building she owns. Given the information in Exhibit 7-1, Sally's normal profit is a. $80,000 b. $41,000 c. $65,000 d. $35,000 e. $24,000 Sally owns a small business that she operates in a small building she owns. Given the information in Exhibit 7-1, Sally's economic profit is a. $80,000 b. $50,000 c. $65,000 d. $35,000 e. $24,000 7. Inputs that can be increased or decreased in the short run are called a. fixed inputs b. variable inputs c. economic inputs d. accounting inputs e. normal inputs 8.Explanation / Answer
5. The correct answer is C. This will only consider of actual costs.
6. The correct answer is C. Normal profit is where they are just able to cover their costs.
7. The correct answer is E. This considers all implicit costs as well.
8. The correct answer is B.
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