Harry's Hookahs incurs $700,000 per year in explicit costs and $500,000 in implicit costs. The company earns $1.4 million in revenues and has $3.7 million in net worth. Based on this information, what is the economic profit for Harry's Hookas?

The above figure shows supply and demand curves for milk. In an effort to help farmers, the government passes a law that establishes a $3 per gallon price support. As a result, consumer surplus falls by

A) a. B) b + f. C) f + g. D) b + f - c.

Which of the following is most closely associated with positive economics?

a. determining the impact of government spending on the actual level of total employment b. determining the best level of immigration into the country c. determining whether too many luxury goods are being produced d. determining whether the government should reduce poverty e. determining whether the government should alter income taxes in order to increase total employment