| << Chapter < Page | Chapter >> Page > |
Card 5 / 15:
A firm had sales revenue of $1 million last year. It spent $600,000 on labor, $150,000 on capital and $200,000 on materials. What was the firm’s accounting profit?
Accounting profit = total revenues minus explicit costs = $1,000,000 – ($600,000 + $150,000 + $200,000) = $50,000.
| Previous Card | ← Previous Card Button |
| Next Card | → Next Card Button |
| Flip Card | ↑ / ↓ / Return / Space |
Notification Switch
Would you like to follow the 'Principles of economics' conversation and receive update notifications?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|