Harish currently owns an apricot farm which in the past has been highly profitable with revenues of $65,000/year. Recently, a large storm damaged many of his trees and apricot farming equipment. To recover and get back to farming apricots again, Harish will need to spend $30,000. He is trying to decide whether to start apricot farming again or not. Select the item from the list provided to make the following statements true. 5. 4. 3. For Harish to consider leaving the apricot market, he must be experiencing a/an If Harish chose to replant, grow and sell apricots, his explicit cost would be (in dollar terms). 1. accounting profit 2. -$2,000/year 3. implicit cost 4. $30,000 for From an economic perspective, a/an Harish in growing apricots would be his opportunity cost. 5. economic loss 6. normal profit 7. $95,000 8. $35,000 9. explicit cost 10. economic profit 11.$65,000 12. $60,000

Harish currently owns an apricot farm which in the past has been highly profitable with revenues of $65,000/year. Recently, a large storm damaged many of his trees and apricot farming equipment. To recover and get back to farming apricots again, Harish will need to spend $30,000. He is trying to decide whether to start apricot farming again or not. Select the item from the list provided to make the following statements true. 5. 4. 3. For Harish to consider leaving the apricot market, he must be experiencing a/an If Harish chose to replant, grow and sell apricots, his explicit cost would be (in dollar terms). 1. accounting profit 2. -$2,000/year 3. implicit cost 4. $30,000 for From an economic perspective, a/an Harish in growing apricots would be his opportunity cost. 5. economic loss 6. normal profit 7. $95,000 8. $35,000 9. explicit cost 10. economic profit 11.$65,000 12. $60,000

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter10: Financing And Producing Goods

Section: Chapter Questions

Problem 4AA

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