Fatima sells 100 bottles of homemade ketchup for $ 10 each. The cost of the ingredients, 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. Calculate the Fatima’s accounting profit & economic profit.

Fatima sells 100 bottles of homemade ketchup for $ 10 each. The cost of the ingredients, 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. Calculate the Fatima’s accounting profit & economic profit.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 41P: A computer company produces affordable, easy-to-use home computer systems and has fixed costs of...

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