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Business, 05.07.2021 19:50 babas97

Suppose that a business incurred implicit costs of $550,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $52 per unit, its accounting: a. profits were $520,000 and its economic profits were $30,000.
b. profits were $200,000 and its economic losses were $350,000.
c. profits were $350,000 and its economic profits were $200,000.
d. losses were $200,000 and its economic losses were $350,000

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Suppose that a business incurred implicit costs of $550,000 and explicit costs of $5 million in a sp...
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