Why do accountants and economists calculate a firm's cost and profit in different ways?
What will be an ideal response?
Accountants and economists have different reasons for computing a firm's costs. An accountant calculates a firm's cost and profit to ensure that the firm pays the correct amount of income tax and to show its investors how their funds are being used. An economist calculates a firm's cost and profit in a way that enables him or her to predict the firm's decisions.
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Indifference curves shift or rotate
A) only when income changes. B) only when prices change. C) when either income or prices change. D) with none of the above because changes in income and prices do not shift indifference curves.
According to Figure 2.5, the United States civilian employment ratio in June 2013 was ________
A) 66.7% B) 43.8% C) 59% D) 64.0% E) none of the above