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1、SubjectiveShortAnswer1. Defineprofit.ANSWER: Profit=Totalrevenue-Totalcost.DIFFICULTY: EasyLEARNING OBJECTIVES: ECON.MANK.275-Givendataontotalrevenue,implicitcosts,andexplicitcosts,compareeconomicprofitandaccountingprofit.TOPICS: ProducertheoryKEYWORDS: BLOOM'S:KnowledgeCUSTOM ID: 0
2、01.13-SAE-MANK082. Considerasmallfamilywheatfarm.Listsomeexamplesofexplicitcostsoffarming.ANSWER: seeds,fertilizer,pesticide,fuelformachinery,machinery,hiredhelp(ifapplicable),cropinsuranceDIFFICULTY: ModerateLEARNING OBJECTIVES: ECON.MANK.199-Givenascenario,categorizeacostasimplicitor
3、explicit.TOPICS: ProducertheoryProductioncostsKEYWORDS: BLOOM'S:ApplicationCUSTOM ID: 002.13-SAE-MANK083. Considerasmallfamilywheatfarm.Listsomeexamplesofimplicitcostsoffarming.ANSWER: thelostearningsofanyfamilymemberwhoengagesinfarmingbutwhocouldworkatadifferentoccupation,theforgonei
4、nterestonanyfamilymoniesinvestedinthefarmDIFFICULTY: ModerateLEARNING OBJECTIVES: ECON.MANK.199-Givenascenario,categorizeacostasimplicitorexplicit.TOPICS: ProducertheoryProductioncostsKEYWORDS: BLOOM'S:ApplicationCUSTOM ID: 003.13-SAE-MANK084. Caneconomicprofiteverexceedaccountingpro
5、fit?ANSWER: No.Economicprofit=Accountingprofit-Implicitcosts.Economicprofitcouldbeequaltoaccountingprofitiftherewerenoimplicitcosts,butinthepresenceofimplicitcosts,economicprofitwillbelessthanaccountingprofit.DIFFICULTY: ModerateLEARNING OBJECTIVES: ECON.MANK.275-Givendataontotalrevenu
6、e,implicitcosts,andexplicitcosts,compareeconomicprofitandaccountingprofit.TOPICS: ProducertheoryProductioncostsKEYWORDS: BLOOM'S:ComprehensionCUSTOM ID: 004.13-SAE-MANK085. Brieflydescribewhymeasuringafirm’scostsismorecomplicatedthanmeasuringitsrevenues.ANSWER: Afirm’srevenuescanbecal
7、culatedbymultiplyingthenumberofunitsitsellsbythepriceforwhichitsellseachunit.Costs,ontheotherhand,canincludebothimplicitandexplicitcosts.Explicitcostsarethecostsforwhichthefirmspendsmoney.Implicitcostsincludeopportunitycosts;theydonotrequireanoutlayofmoneybutreprese
