19) Accounting costs and economic costs differ becauseA) Economic costs include explicit costs and accounting costs do not.B) Accounting costs include explicit costs and economic costs do not.C) Economic costs include implicit costs and accounting costs do not.D) Accounting costs include implicit costs and economic costs do not.anscribed TextC20) Megan used to work at the local pizzeria for $15,000 per year but quit in order to start her own deli.To buy the necessary equipment, she withdrew $20,000 from her inheritance (which paid 8 percentinterest). Last year she paid $25,000 for ingredients and $500 per month rent but had revenue of$50,000. She asked her dad the accountant and her mom the economist to calculate her costs for her.A) Dad says her cost is $31,000 and Mom says her cost is $47,600.B) Dad says her cost is $31,000 and Mom says her cost is $35,000.Dad says her cost is $9,000 and Mom says her cost is $2,400.D) Dad says her cost is $25,000 and Mom says her cost is $16,600.

Total revenue is the product of price and quantity. Monetary expenses are the explicit cost.…

19) Accounting costs and economic costs differ because A) Economic costs include explicit costs and accounting costs do not. B) Accounting costs include explicit costs and economic costs do not. Economic costs include implicit costs and accounting costs do not. D) Accounting costs include implicit costs and economic costs do not.

19) Accounting costs and economic costs differ because A) Economic costs include explicit costs and accounting costs do not. B) Accounting costs include explicit costs and economic costs do not. Economic costs include implicit costs and accounting costs do not. D) Accounting costs include implicit costs and economic costs do not.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

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