Creamy crisps worksheet student:   the following is cost information for the creamy crisp donut company: 
entrepreneur's potential earnings as a salaried worker = $50,000
annual lease on building = $22,000
annual revenue from operations = $380,000
payments to workers = $120,000
utilities (electricity, water, disposal) costs = $8,000
value of entrepreneur's talent in the next best entrepreneurial activity = $80,000
entrepreneur's forgone interest on personal funds used to finance the business = $6,000   1.  refer to the above data. creamy crisp's explicit costs are:   
  2.  refer to the above data. creamy crisp's implicit costs, including a normal profit, are:   
  3.  refer to the above data. creamy crisp's total economic costs are:   
  4.  refer to the above data. creamy crisp's accounting profit is:   
  5.  refer to the above data. creamy crisp's economic profit is:   
  6.  refer to the above data. creamy crisp's total revenues exceed its total costs, including a normal profit, by:   
  7.  refer to the above data. if, other things equal, creamy crisp's revenue fell to $286,000, how would this affect its profit?

1) owner's salary        50,000

  lease on building   22,000

  wages                    120,000

 utilities                        8,000

 Total:                      200,000

2) owners salary 80,000

 capital interest    6,000

 total                   86,000

3) economic cost: 200,000 + 86,000 = 286,000

4) 380,000 - 200,000 = 180,000

5) 180,000 - 36,000 =  144,000

6) entrepreneur total profit: 230,000

7) if sales are 286,000 then:

accounting profit: 86,000

economic profit:   50,000

Explanation:

1) explicit cost: cost that involve cash disbursement in the future and accrual expenses

2) implicit cost: cost of the best alternative of each economic factor

3) economic cost: sum of both type of cost, explicit and implicit

4) accounting profit:

business revenue less explicit cost.

5) accounting profit less implicit cost:

notice the company is paying the entrepreneur with a salary thus, not all the opportunity cost will be used, only the difference:

50,000 - 80,000 = 30,000 salaries loss on the business.

plus 6,000 forgone interest: total 36,000

6) the normal profit to the entrepreneur is 180,000 from reamy Crisp's plus his 50,000 salary: 230,000

7) if sales are 286,000 then:

286,000 - 200,000 = 86,000 accounting profit

 86,000 -    36,000 = 50,000 economic gain  

Here is your answer : )

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