Ecn361 topic 6 dq 1 - Study guides, Class notes & Summaries

ECN Topic 6 DQ 1 Suppose that a small family farm sold its output for $100,000 in a given year. The familyspent $25,000 on fuel; $40,000 on seed, fertilizer, and pesticides; and $25,000 on equipment, including maintenance. The family members could have earned $20,000 working at other occupations. What is the family's accounting cost? What is the family's economic cost? Could the family's economic cost ever exceed its accounting cost? Why?

ECN 361 Topic 6 DQ 1 Participation & Responses

ECN 361 Topic 6 DQ 1 Participation & Responses

ECN 361 Topic 6 DQ 1 Participation & Responses