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1. The Cleaning Crew cleans 100 homes per week and earns a weekly economic profi

ID: 1185474 • Letter: 1

Question

1. The Cleaning Crew cleans 100 homes per week and earns a weekly economic profit of $200. The Cleaning Crew charges $80 per home. What is the Cleaning Crew's total cost per week? 2. What is the lowest value of economic profit that the firm must earn if it is to keep its resources in the current industry? A. Zero economic profit B. Economic profit equal to explicit costs of production C. Economic profit equal to implicit costs of production D. Economic profit equal to 10% of the cost of capital E. Economic profit equal to 10% of the cost of capital plus labor

Explanation / Answer

Total cost is 80 * 100 - 200 = $7800

E. Economic profit equal to 10% of the cost of capital plus labor

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