Refer to the table below. An output level of 15 units, this firm's accounting profit is ________, and its economic profit is ________. $$\begin{array} { | r | r | r | r | }
\hline { \text { Quantity } } & { \text { Total Revenue } } & \text { Explicit Casts } & \text { Implicit Casts } \
\hline 10 & 50 & 36 & 5 \
\hline 15 & 75 & 63 & 6 \
\hline 20 & 100 & 93 & 7 \
\hline 25 & 125 & 125 & 8 \
\hline 30 & 150 & 161 & 9 \
\hline
\end{array}$$
A)$6; $63
B)$12; $6
C)$6; $12
D)$63; $6

Question

Refer to the table below. An output level of 15 units, this firm's accounting profit is ________, and its economic profit is ________. $$\begin{array} { | r | r | r | r | } 
\hline  { \text { Quantity } } & { \text { Total Revenue } } & \text { Explicit Casts } & \text { Implicit Casts } \
\hline 10 & 50 & 36 & 5 \
\hline 15 & 75 & 63 & 6 \
\hline 20 & 100 & 93 & 7 \
\hline 25 & 125 & 125 & 8 \
\hline 30 & 150 & 161 & 9 \
\hline
\end{array}$$
A)$6; $63
B)$12; $6
C)$6; $12
D)$63; $6

Quizplus · Accepted Answer

At an output level of 15 units, the accounting profit is calculated as Total Revenue - Explicit Costs = $75 - $63 = $12. The economic profit is calculated as Total Revenue - (Explicit Costs + Implicit Costs) = $75 - ($63 + $6) = $6.

Refer to the Table Below A)$6; $63 B)$12; $6 C)$6; $12 D)$63; $6

Refer to the Table Below A)$6; $63
B)$12; $6
C)$6; $12
D)$63; $6