Jessica makes photo frames. she spends $5 on the materials for each photo frame. she can create one photo frame in an hour. she earns $10 per hour at a part-time job at the local coffee shop. she can sell a photo frame for $30 each. refer to scenario 13-9. an economist would calculate the total cost for one photo frame to be

accounting profit = $25

Total cost = $15

Economic profit  = $15

Explanation:

given data

spends = $5

Implicit cost  = $10 per hour

sell = $30

to find out

calculate the total cost for one photo frame

solution

first we calculate here accounting profit that is

accounting profit = Sale price - cost spent on materials

accounting profit = $30 - 5

accounting profit = $25

and

Total cost = Explicit cost + Implicit cost

Total cost = 5 + 10

Total cost = $15

and Economic profit will be

Economic profit = Accounting profit - implicit costs

Economic profit  = $25 - $10

Economic profit  = $15

answerattainable;

answer (b); /// a method of measuring the opinions of a large group of people by selecting a subset of the larger group, asking them a set of questions and then generalizing those responses;