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Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients an

Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients an

  Linda sells 100 bottles of homemade ketchup for $10 each. The cost of the ingredients and the bottles and the labels was $700. In addition, it took her 20 hours to make the ketchup and to do so she took time off from a job that paid her $20 per hour. Linda’s accounting profit is _____________ while her economic profit is ______________.

a. $700; $400

b. $300; $100

c. $300; negative $100

d. $1,000; negative $1,100

2.  Which of the following are short-run and which are long-run adjustments?

a.              Wendy’s builds a new restaurant.

b.              Harley-Davidson Corporation hires 200 more production workers.

c.              A farmer increases the amount of fertilizer used on his corn crop.

d.              An Alcoa aluminum plant adds a third shift of workers.

Abhinav 05-Dec-2019

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