For answers to the practice multiple-choice questions click on "Read more". 1. A 2. E 3. D Need more practice? Get the Ultimate Review Packet. It's FREE to start. Step 1: Go to:​ www.ultimatereviewpacket.com/courses/micro Step 2: Create a free account Step 3: Enroll in the free version of the Macroeconomics packet

The beard looks good, and i got the last two questions right! this channel is really good!

It has been years of learning economics from this fabulous teacher. he helped me in my A levels, BBA and I am again here for my MBA.... GOOD WORK SIR

Great content. Filling in the blanks from my MBA professor's Econ for managers class. You are doing a great job making this fun and engaging. Thanks.

Thank you for using Malone's Cones to make this a less monstrosity of a subject

Hi, Mr. Clifford! Thanks for your videos. I am now studying Political Science and decided to take courses in Economics. Your videos really helped me a lot especially in macroeconomics to which Mankiw complicates everything hahaha! By the way, YOU LOOK GOOD WITH YOUR BEARD!

Dwight has a beat farm? Does that mean he's DJing now? I love this content. I watched your sunk cost video right before I texted my ex....saved me.

Keep it!, 6th year of watching your videos BTW, thanks for doing them!

sir, you rock. sincerely a overworked college student that has a professor that uses too many big words. love ya man, thanks

I graduated from hs last year and I’m subscribed

Thank you, this video was really helpful. I got all the questions right

its Negative 5000 Dollars, option A

The office reference is the only that could make this more interesting

The office series reference was gold

The beard is nice, actually I got the first and the last questions right thanks for ur work

Its really helpful. Thanks Mr. Jacob

Okay I got questions 2 & 3 correct. But in question 1, it says that Sally left her job where she mad $25,000 she used a space that she could have rented for $10,000 to run her new business. That would mean that she could have made a total of $35,000 with her job and the rent right? Sally made $30,000 in Accounting Profit from her new business ($155,000- $125,000). So if you take what she could have made which is $35,000 and take what she made from the business which is $30,000 then she missed out on an additional $5,000 right? which would mean her economic profit is -$5,000 right?

This really helps us a lot

AED

You are amazing Sir

A. -5000 As aconomic profit

D. Because acc. Profit didn't count the implicit cost

if economic profit includes opportunity cost, why is it 0 at the end? if accounting profit does not include implicit costs, why is it positive because of implicit costs at the end? I'm confused.... Mr. Clifford, I must have misunderstood something - which is the implicit/opportunity cost one? -10/4/2021 Monday

Beard is the way to go!

Thank You🙏❤

Thank you!

seeing mr.clifford age is definitely interesting.....

So in order to be able to pay an ice cream 🍦for himself he has to make and sell 1.7 hence if this was an enclosed economy no one involved would be able to pay an ice cream without making and selling more o.o something is wrong here how does this fit within the circular economy flow theory?

1 (A),2 (E)

Thank you!! edit: awesome beard btw B)

Beard looks good !

you rock the beard look very well!

Cool beard Mr Clifford :)

Thank you?!

What kinds of beats does Dwight grow on his beat farm? Is he eligible for an agricultural subsidy? 8)

why is nobody talking about the milk on his shelf

Beard is 👍

I like the beard. Very distinguished.

Whats the movie called?

if only real econ profs were as cool as you...

So lets suppose the total revenue of a cobbler is 10 dollars and the explicit cost is 2 dollars, so according to accounting profit, it 8 dollars. Now suppose the cobbler wanted to become an actor but is not one. So if he would have invested his time in acting rather than in the former job, he would gained more than 10 dollars, lets say 500 dollars (idk if its a just price). So, the economic loss is -492 dollars. So everyone in the world may have wanted to become someone else or may have become someone else with higher income than their present job if they would have invested their time in that dream job. So everyone in the world is in economic loss cause of their implicit costs (leaving the person with the highest income in the world). This does not makes any sense! As to have zero economic profit , the cobbler has to earn 500 dollars. If he manages to do so, then he may want to become a business person earning more....and it would go on and on. So there would never be an economic profit since you may have invested your time in some other job with higher income and other job with more income......and so on. The implicit costs may never stop as human desire is infinite.

❤

E. The acc profit would be positive

So, as she could have worked and gotten a good profit of 25,000 ( income ) but she chose to start up a business also not to forget the opportunity cost of losing the rent here 10,000. Futher, her allover revenue is 155,000 sounds great until all the costs getting deducted leaves 20,000 of income to her in accounting profit but she could have earned 25,000 thus she made an economic loss of -5,000

Nice beard Mr.!

out of context but you look good with a beard 😎🔥

Definitely keep the beard!

quition 1 =-5000$ quition 2 =E quition 3= A

Keep the beard, its change. i like it!!!

beard looks so good

-$5000

i love you

(A) -5000$

A

From Saudi Arabia

This does not mean I accept the video and comments but dont make picture of Prophets or make fun saying this as a Muslim

boom

how tf is the milk not gone bad???/

Me in an accounting class🤡

Bitcoin is the feature investing in it now is the wesest thing to do now especially the current rise

What a beautiful boy

get rid of it

get rid of it!

Grow a beard, looks good on you

Hey I think you should get rid of bread. You looked like a depressed. Although video is very helpful.

I thought this guy was arrested for doing stuff with female students