Description
Market Forms The following questions address some of the price and output decisions faced by firms other than those found in perfect competition. Some numbers may be rounded. Table 1
Questions:
Present your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet using textboxes. If you want to learn how to use Microsoft Excel to create curves, refer to the Microsoft Excel tutorials. |
Explanation & Answer
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Running head: ACCOUNTING
1
4. What is a normal profit? What is an economic profit? Explain your answer using
examples. Are normal profits being earned in this example? Are economic profits present
for this firm in this example? Explain your answers.
Normal profit is an economic condition where a business operates on a minimal profit
requirement levels, in order for it to remain competitive. Normal profit is obtained by calculating
the difference in total cost and total revenue that must equal to zero.
An economic profit is a calculation that is done by deducting the received reven...