A grocery store is offering free ice cream to customers who find a coupon printed on their receipt. Mindy wants to determine the probability that it will take at least 5 visits to the store to win a free ice cream. Since she knows that the probability of receiving a free ice cream coupon is 0.25, she simulates the situation with the spinner shown below. Each spin of the spinner represents one visit to the store.

Mindy keeps spinning the spinner until the arrow stops in the Ice Cream section and records the number of spins that was needed (which represents the number of visits to the store). She repeats this process 50 times and records the data in the table below.

1 | 13
2 | 11
3 | 7
4 | 3
5 | 4
6 | 3
7 | 5
8 | 0
9 | 1
10 | 2
11 | 0
12 | 1

Based on the results of the simulation, what is the probability that it will take at least 5 visits to the store to win a free ice cream?

A 0.16
B 0.24
C 0.32
D 0.50

A Grocery Store Is Offering Free Ice Cream To Customers Who Find A Coupon Printed On Their Receipt. Mindy

Answers

Answer 1

The probability that it will take at least 5 visits to the store to win a free ice cream is 0.32.

How to determine probability that it will take at least 5 visits to the store to win a free ice cream?

We need to add up the frequencies of the outcomes where it took 5 or more visits to win To determine the probability that it will take at least 5 visits to the store to win a free ice cream, . Looking at the table provided, we can see that the frequencies for 5 or more visits are:

5 visits: 4

6 visits: 3

7 visits: 5

8 visits: 0

9 visits: 1

10 visits: 2

11 visits: 0

12 visits: 1

Adding up these frequencies gives us a total of 16 out of 50 trials. Therefore, the probability of it taking at least 5 visits to win a free ice cream is:

P(at least 5 visits) = 16/50 = 0.32

So the answer is C) 0.32.

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Related Questions

PLEASE HELP WITH GEOMETRY HOMEWORK!! WILL GIVE BRAINLIEST ANSWER TO THE PERSON WHO CAN GIVE ME A ANSWER WILL ALL THE WORK SHOWN TO PROVE THEIR ANSWER!!

Information needed to solve:
- Points O and P are the midpoints to the two circles
- The length between O and P is 6
-The two circles are of the same size
-DONT ASSUME ANYTHING OTHER THAN THE INFORMATION GIVEN UNLESS YOU HAVE PROOF AND EVIDENCE TO SHOW IT IS TRUE!!

PLEASE HELP WITH GEOMETRY HOMEWORK!! WILL GIVE BRAINLIEST ANSWER TO THE PERSON WHO CAN GIVE ME A ANSWER

Answers

Answer:

Shaded area = 6^2 * ( pi/3 - sqrt(3)/2 )

= 6.52 square units (to 2 places of decimals)

Step-by-step explanation:

see solution by same author given in

https://brainly.com/question/17023327?answeringSource=feedPersonal%2FhomePage%2F2

(question 17023327)

Please refer to the diagram for additional letters and measures.

Let

r=radius (OA and PA) of each circle

Area of sector PAOB

= (60+60)/360 * pi * r^2

=pi*(r^2)/3

Area of triangle PAB

= 2* (r cos(60) * r sin(60) /2)

= 2* ((r/2) * r (sqrt(3)/2) /2)

= sqrt(3) * r^2 / 4

= r^2 * sqrt(3)/4

Area of segment AOB

= area of segment PAOB - area of triangle PAB

= r^2 * ( pi/3 - sqrt(3)/4 )

By symmetry, area of shaded area

= area of segment AOB  -  area of triangle AOB

= area of segment AOB  -  area of triangle PAB

= r^2 * ( pi/3 - sqrt(3)/4 )  -   r^2 * ( sqrt(3)/4)

= r^2 * ( pi/3 - 2*sqrt(3)/4 )

= r^2 * ( pi/3 - sqrt(3)/2 )

Since r = b, we substitute

Shaded area

= b^2 * ( pi/3 - sqrt(3)/2 )

Substitute b=6

area

= 6^2 * ( pi/3 - sqrt(3)/2 )

= 6.522197 square units

PLEASE HELP WITH GEOMETRY HOMEWORK!! WILL GIVE BRAINLIEST ANSWER TO THE PERSON WHO CAN GIVE ME A ANSWER

can someone help me?

(2x+8)(2x+2)

Answers

This is what I got :) I hope this helps
can someone help me?(2x+8)(2x+2)

\( 4 {x}^{2} + 20x + 16\)

Step-by-step explanation:

\((2x + 8)(2x + 2) \\ = 2x(2x + 2) + 8(2x + 2) \\ = 4 {x}^{2} + 4x + 16x + 16 \\ = 4 {x}^{2} + 20x + 16\)

\(\large\mathfrak{{\pmb{\underline{\orange{Happy\:learning }}{\orange{!}}}}}\)

Solve this question.

Solve this question.

Answers

Answer:

Q||R

(11x-28) +(7x-8) = 180 ( co. interior.angle)11x -28+7x-8 =18011x-7x-28-8=1804x-36=1804x=180+364x = 216x = 216/4 x = 54

Answer:

Q||R

(11x-28) +(7x-8) = 180

x = 54

Step-by-step explanation:

P 200.000 was deposited for a period of 4 years and 6 months and bears on interest of P 85649.25. What is the rate of interest if it is compounded monthly?"

Answers

A principal amount of P 200,000 was deposited for a period of 4 years and 6 months, and it earned an interest of P 85,649.25. To find the rate of interest compounded monthly, we can use the formula for compound interest and solve for the interest rate.

The formula for compound interest is given by A = P(1 + r/n)^(nt), where A is the final amount, P is the principal amount, r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years.

In this case, we are given the principal amount P as P 200,000, the final amount A as P 285,649.25 (P 200,000 + P 85,649.25), the time t as 4 years and 6 months (or 4.5 years), and we need to find the interest rate r compounded monthly (n = 12).

Using the given values in the compound interest formula and solving for r, we can find the rate of interest. By rearranging the formula and substituting the known values, we can isolate the interest rate r and calculate its value.

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A= LW For W

HELP ME!?!

Answers

W=A\L

Divide L from both sides

The L in the right cancels out

if v=5 x=38 and y=-7 find w

Answers

Answer:

incomplete question friend

Corey is ready to begin the process of producing his final animation. Unfortunately,
his computer does not have the power to render the final scene, so he outsources
the render to a computer that will execute the function. What method allows him to
do this?
(1 point)
O image sequences
Obatch render
O net rendering
O multi-passing

Answers

Net rendering is a method of rendering a computer-generated animation or image on multiple computers over a network.

Net rendering is a method of rendering a computer-generated animation or image on multiple computers over a network. This technique allows a user to take advantage of the computing power of multiple computers to render a scene. To do this, the user would divide the scene into several parts, assigning each part to a different computer. The computers would then render each part of the scene independently, and then the results are combined into a single image. This process can significantly reduce the time required to render a scene, as the workload is distributed over multiple computers. For example, if it would normally take a single computer 10 minutes to render a scene, net rendering could reduce that time to 2 minutes.

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Please help! Will give brainlist if correct. If possible pls explain how you got the answer

Please help! Will give brainlist if correct. If possible pls explain how you got the answer

Answers

Answer:

30 I think

Step-by-step explanation:

Area of a triangle is (base×height) ÷2

So that means that to solve this you'd need to do 20 (the base) ×3 (the height). This gives you 60; then you divide it by 2. This gives you 30.

Graph the equation
y
=
x
2

12
x
+
35
y=x
2
−12x+35 on the accompanying set of axes. You must plot 5 points including the roots and the vertex.

Answers

To find the root, replace y with 0
X^2-12x+35=0
A=1 B=-12 C=35
B^2-4ac=(-12)^2 -4(1)(35)
=144 -140
=4


x=(-b+/- square root of b^2 -4ac) /over/ (2a)
Plug in the numbers
x=-(-12) sqr (-12)^2 4(1)(35) / (2)(1)
X=12 +/-sqr 4 / 2
Positive outcome
x=12 + sqr 4 / 2
x=12+2/2
x=7 <— this one
Negative outcome
x=12-2i/2
x=6-i
Vertex: (6,-1)

-3(2x + 7)≥ 2x + 19
plz help

Answers

Step-by-step explanation:

please mark me as brainlest

-3(2x + 7) 2x + 19plz help

Answer:

Step-by-step explanation:

expand:

-6x -21 >= 2x +19

x <= -5

18.543 to nearest whole number​

Answers

Answer:

19

Step-by-step explanation:

Answer:

the answer is 19 asked hopefully this photo will show you the pieces

process

18.543 to nearest whole number

what will be the effect of executing the following code segment, given that int num1 is 0 and int num2 is 10? if ((num1 / num2 < 0) || (num1 num2 > 0)) statement1; else statement2;

Answers

The execution of the code segment will result in statement2 being executed. The code segment contains a conditional statement that uses the logical OR operator (||) to combine two conditions.

The first condition checks whether the result of dividing num1 by num2 is less than 0, while the second condition checks whether the product of num1 and num2 is greater than 0.

Given that num1 is 0 and num2 is 10, the first condition will evaluate to false, because 0 divided by any positive number is 0. However, the second condition will evaluate to true, because the product of two non-zero numbers with the same sign is always positive.

Since the logical OR operator requires only one of the conditions to be true for the entire statement to be true, the overall result will be true. As a result, statement1 will not be executed, and statement2 will be executed instead.

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A regular hexagon and a regular pentagon have a common edge. Work out the value of a.

A regular hexagon and a regular pentagon have a common edge. Work out the value of a.

Answers

the answer is below with full explanation

A regular hexagon and a regular pentagon have a common edge. Work out the value of a.

suppose you are told that a computer programmer in canada who makes $2,063.30 has a z-score of 0.50 relative to other computer programmers in canada and that the standard deviation of the salary of computer programmers in canada is $458.60. the average salary, then, for computer programmers in canada is .

Answers

a computer programmer in canada who makes $2,063.30 has a z-score of 0.50 relative to other computer programmers in canada and that the standard deviation of the salary of computer programmers in canada is $458.60. the average salary, then, for computer programmers in canada is $1,834.00.

To find the average salary for computer programmers in Canada, we can use the formula for calculating the z-score:

z = (X - μ) / σ

Where: z = z-score X = individual salary μ = population mean (average salary) σ = standard deviation

Given that the z-score is 0.50 and the individual salary is $2,063.30, and the standard deviation is $458.60, we can rearrange the formula to solve for the average salary:

0.50 = ($2,063.30 - μ) / $458.60

Multiply both sides of the equation by $458.60:

0.50 * $458.60 = $2,063.30 - μ

$229.30 = $2,063.30 - μ

Rearrange the equation to isolate the average salary:

μ = $2,063.30 - $229.30

μ = $1,834.00

Therefore, the average salary for computer programmers in Canada is $1,834.00 using the standard deviation of the salary of computer programmers in canada.

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3⋅f(−4)−3⋅g(−2)= i dont know how to solve this

Answers

Answer:The value of the given function is 6

Step-by-step explanation:

Given the following expression 3*f(-4)-3*g(-2), to find the values, we can assume that;

f(-4) = 10g(-2) = 8

Substitute the given parameters into the expression to have:

3*f(-4)-3*g(-2)

= 3((10) - 3(8)

= 30 - 24

= 6

Jesse takes two data points from the weight and feed cost data set to calculate a slope, or average rate of change. A rat weighs 3.5 pounds and costs $4.50 per week to feed, while a Beagle weighs 30 pounds and costs $9.20 per week to feed.

Answers

Answer:

The slope is  \(s =\) $0.1774 / pounds

Step-by-step explanation:

From the question we are told that

   The weight of the rat is \(w_1 = 3.5 \ pound\)

     The cost of feeding the rat per week is \(c_1 =\)$4.50

     The weight of a Beagle is  \(w_2 = 30 \ pound\)

     The cost of feed a Beagle per week is  \(c_2 =\)$9.20

Now the slope can be evaluated mathematically as

           \(s = \frac{c_2 -c_1 }{w_2 -w_1 }\)

substituting values

            \(s = \frac{9.20 -4.50 }{30 -3.5 }\)

           \(s =\) $0.1774 / pounds

Which of the following is an exampio of operant condiconing?

When dogs salivate to the sound of a bell
When a dog comes funning to the sound of the can opener opening a can of tornatoes
When a dog gors into heat in the spring.
when a dog learns to roll over toy being rewarded for the behavior.

Answers

Operant conditioning is the theory that behavior is influenced by consequences. Behaviorists believe that behavior is shaped through reward and punishment, so a behavior that is followed by a favorable outcome is likely to be repeated while a behavior that is followed by an unfavorable outcome is less likely to be repeated.

The example of operant conditioning among the given options is: when a dog learns to roll over toy being rewarded for the behavior.

Operant conditioning, a concept developed by B.F Skinner, consists of three elements: the antecedent (the stimulus that comes before the behavior), the behavior, and the consequence.

In the example given in the question, the antecedent is the dog being taught to roll over, the behavior is the dog rolling over, and the consequence is being rewarded with a toy.

When a dog learns to roll over toy being rewarded for the behavior is an example of operant conditioning.

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Find the Laplace transform where of the function f(t) =
{ t, 0 < t < {π + t π < t < 2π where f(t + 2 π) = f(t).

Answers

The Laplace Transform of f(t) isL{f(t)} = L{t} + L{t + π}u(t − π) − L{t − 2π}u(t − 2π) + ...

                            = (1/s^2) + e^{−πs}(1/s^2) − e^{-2πs}(1/s^2) + ...= (1/s^2)[1 + e^{−πs} − e^{−2πs} + ...]

Given function is,f(t) ={ t, 0 < t < π π < t < 2π}

where f(t + 2 π) = f(t)

Let's take Laplace Transform of f(t)

                     L{f(t)} = L{t} + L{t + π}u(t − π) − L{t − 2π}u(t − 2π) + ...f(t + 2π) = f(t)

∴ L{f(t + 2 π)} = L{f(t)}⇒ e^{2πs}L{f(t)} = L{f(t)}

     ⇒ [e^{2πs} − 1]L{f(t)} = 0L{f(t)} = 0

when e^{2πs} ≠ 1 ⇒ s ≠ 0

∴ The Laplace Transform of f(t) is

                       L{f(t)} = L{t} + L{t + π}u(t − π) − L{t − 2π}u(t − 2π) + ...

                               = (1/s^2) + e^{−πs}(1/s^2) − e^{-2πs}(1/s^2) + ...

                              = (1/s^2)[1 + e^{−πs} − e^{−2πs} + ...]

The Laplace Transform of f(t) isL{f(t)} = L{t} + L{t + π}u(t − π) − L{t − 2π}u(t − 2π) + ...

                            = (1/s^2) + e^{−πs}(1/s^2) − e^{-2πs}(1/s^2) + ...= (1/s^2)[1 + e^{−πs} − e^{−2πs} + ...]

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Find the value of x.

Find the value of x.

Answers

Answer:

x = 13

Step-by-step explanation:

Sum or interior angles of a triangle is 180,

6x + 19 + 5x - 15 + 3x - 6 = 180

6x + 5x + 3x + 19 - 15 - 6 = 180

14x + 19 - 21 = 180

14x - 2 = 180

14x = 180 + 2

14x = 182

x = 182 / 14

x = 13

A set of points has mean 10. adding a point with value 100 increases this mean from 10 to 11. How many points were in the original data set?

Answers

There were 89 points in the original data set.

To solve this problem, we can use the formula for the mean of a set of numbers:

Mean = (sum of all values) / (number of values)

Let's denote the number of points in the original data set as n.

The sum of the original data set is n  10 since the mean is 10.

When a point with a value of 100 is added, the new sum becomes n × 10 + 100.

The new mean is given as 11.

Using the formula for the mean, we can write the equation:

11 = (n × 10 + 100) / (n + 1)

To solve for n, we can multiply both sides of the equation by (n + 1):

11(n + 1) = n × 10 + 100

11n + 11 = 10n + 100

11n - 10n = 100 - 11

n = 89

Therefore, there were 89 points in the original data set.

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Can you help me please​

Can you help me please

Answers

Answer:

a. 8, 14, 20

x=5 when y=11

Step-by-step explanation:

Just subsititute the x in the equation with the number that represents x.

ten days after it was launched toward mars in december 1998, the mars cli- mate orbiter spacecraft (mass 629 kg) was 2.87 x 106km from the earth and traveling at 1.20 x 104km/h relative to the earth

Answers

The kinetic energy of the Mars Climate Orbiter spacecraft is approx    3.31 x 10^7 joules.

To determine the kinetic energy of the Mars Climate Orbiter spacecraft, we can use the formula:

Kinetic energy = (1/2) * mass * velocity^2

Given:

Mass of the spacecraft (m) = 629 kg

Velocity of the spacecraft (v) = 1.20 x 10^4 km/h

First, we need to convert the velocity from km/h to m/s:

1 km = 1000 m

1 h = 3600 s

Velocity in m/s = (1.20 x 10^4 km/h) * (1000 m/km) / (3600 s/h) ≈ 333.33 m/s

Now, we can calculate the kinetic energy:

Kinetic energy = (1/2) * (629 kg) * (333.33 m/s)^2

Kinetic energy ≈ 3.31 x 10^7 joules

Therefore, the kinetic energy of the Mars Climate Orbiter spacecraft is approximately 3.31 x 10^7 joules.

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let f (n) be the function from the set of integers to the set of integers such that f (n) = n2 1. what are the domain, codomain, and range of this function

Answers

The domain and codomain of the function f(n) = n^2 + 1 are both the set of integers. The range of the function is all positive integers (including zero).

To find the domain, codomain, and range of the function f(n) = n^2 + 1:

1. Domain: The domain is the set of all possible input values for the function. In this case, since the function is defined for "the set of integers," the domain is the set of all integers.

2. Codomain: The codomain is the set of all possible output values for the function. In this case, the function is defined as f(n) = n^2 + 1, where n is an integer. Therefore, the codomain is also the set of integers.

3. Range: The range is the set of all actual output values that the function produces for the given inputs. To find the range, we can substitute various integer values for n and observe the corresponding outputs. Since the function is defined as f(n) = n^2 + 1, the smallest possible output value is 1 (when n = 0), and there is no upper limit for the output. Hence, the range is all positive integers (including zero).

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HA
2
-X
- 2
2
-2
-4
A.
ys1
B.
1 sys 6
Oc.
y21
D.
all real numbers

Answers

Answer:

Can you please explain this question more thoroughly?

Step-by-step explanation:

it is difficult to understand

The simplified expression is 4x - 23.

Option A is the correct answer.

We have,

To simplify the expression 3(2x - 5) - 2(x + 4), we need to apply the distributive property and combine like terms.

First, distribute the 3 to the terms inside the parentheses:

3 * 2x = 6x

3 * (-5) = -15

Next, distribute the -2 to the terms inside the parentheses:

-2 * x = -2x

-2 * 4 = -8

Now, let's simplify the expression by combining like terms:

6x - 15 - 2x - 8

Combine the x terms: 6x - 2x = 4x

Combine the constant terms: -15 - 8 = -23

Thus,

The simplified expression is 4x - 23.

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The complete question:

Simplify the expression 3(2x - 5) - 2(x + 4).

A. 4x - 23

B. 4x - 7

C. 4x + 13

D. 4x + 7

Pls pls pls answer I’ll give you the brainlist!


Sorry If I spelled it wrong

Pls pls pls answer Ill give you the brainlist! Sorry If I spelled it wrong

Answers

Answer:

22

Step-by-step explanation:

You can just put it in your calculator

Answer:

22

Step-by-step explanation:

A grain silo has a cylindrical shape. Its radius is 9.5ft, and its height is 39ft. Answer the parts below. Make sure that you use the correct units in your answers. If necessary, refer to the list of geometry formulas. (a) Find the exact volume of the silo. Write your answer in termis of π
.

Exact volume: (b) Using the ALEKS calculator, approximate the volume of the silo, To do the approximation, use your answer to part (a) and the π button on the calculator. Round your answer to the nearest hundredth.

Answers

a. The exact volume of the silo is 3515.975π cubic feet.

b.  The approximate volume of the silo is 10578.50 cubic feet.

(a) The exact volume of a cylinder can be calculated using the formula:

Volume = π * radius^2 * height

Given that the radius is 9.5 ft and the height is 39 ft, we can substitute these values into the formula:

Volume = π * (9.5 ft)^2 * 39 ft

= π * 90.25 ft^2 * 39 ft

= 90.25π * 39 ft^3

= 3515.975π ft^3

Therefore, the exact volume of the silo is 3515.975π cubic feet.

(b) To approximate the volume of the silo using the ALEKS calculator, we can use the value of π provided by the calculator and round the answer to the nearest hundredth.

Approximate volume = π * (radius)^2 * height

≈ 3.14 * (9.5 ft)^2 * 39 ft

≈ 3.14 * 90.25 ft^2 * 39 ft

≈ 10578.495 ft^3

Rounded to the nearest hundredth, the approximate volume of the silo is 10578.50 cubic feet.

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Sarah and the tree farm. variety A of pine trees are shipped to her at 15 inches tall and grows at a rate of 10 in per year. variety B of a pine tree to hurt 4 in tall and grows at a rate of 20 in per year. write and solve an equation to determine the number of years Excel which the trees will be equal height

Answers

The pine trees will be of equal height after 3 years.

Let x be the number of years required for the trees to be of equal height. Then, the height of the tree of variety A is given by H = 15 + 10x. Similarly, the height of the tree of variety B is given by H = 4 + 20x.

To find the value of x, we can equate these two equations as shown below: 15 + 10x = 4 + 20x11 = 10x x = 11/10. Thus, it will take 11/10 years for the trees to be of equal height. Converting this into months gives 11/10 × 12 = 13.2 months. Therefore, it will take about 13.2 months or 3 years for the trees to be of equal height.

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The distance around the outside of cedar parks is 0.8 miles joanie ran 0.25 of the distance during her lunch break how far did she run

Answers

Answer:

If the total distance is 0.8km we need to multiply that amount by the proportion that she ran, which was 0.25 (one quarter or 25%). So 0.8km x 0.25 = 0.2km Looking another way, the word 'of' often means the same as 'multiply', so 0.25 of 0.8km = 0.25 x 0.8km = 0.2km Joanie ran a total of 0.2 km during her lunch break.

Step-by-step explanation:

You are standing above the point (2,4) on the surface z=15−(3x
2
+2y
2
). (a) In which direction should you walk to descend fastest? (Give your answer as a unit 2-vector.) direction = (b) If you start to move in this direction, what is the slope of your path? slope = The temperature at any point in the plane is given by T(x,y)=
x
2
+y
2
+3
100

. (c) Find the direction of the greatest increase in temperature at the point (−2,2). What is the value of this maximum rate of change, that is, the maximum value of the directional derivative at (−2,2)? (d) Find the direction of the greatest decrease in temperature at the point (−2,2). What is the value of this most negative rate of change, that is, the minimum value of the directional derivative at (−2,2)?

Answers

a)  The direction in which you should walk to descend fastest is: (-12, -16)

b) The slope of your path is: -88

c) The direction of the greatest increase in temperature at the point (−2, 2) is: (-4, 4)

The maximum rate of change is: 4√2

d) The direction of the greatest decrease is: (4, -4).

The most negative rate of change is: 4√2

How to solve Directional Derivative Problems?

(a) The equation on the surface is:

z = 15 - (3x² + 2y²)

The gradient of this surface will be the partial derivatives of the equation. Thus:

Gradient of the surface z:

∇z = (-6x, -4y)

Since you are standing above the point (2,4), then the direction to descend fastest is:

∇z(2,4) = (-6(2), -4(4))

∇z(2,4) = (-12, -16)

That gives us the direction to descend fastest is in the direction.

(b) If you start to move in the direction (-12, -16) above, then slope of your path (rate of descent) is given by the dot product expressed as:

Slope = ∇z(2,4) · (-12, -16)

= (2)(-12) + (4)(-16)

= -24 - 64

= -88

(c) We want to find the direction of the greatest increase in temperature at the point (−2,2).

Thus, the gradient of T(x,y) is given by:

∇T = (2x, 2y).

The direction is:

∇T(-2, 2) = (2(-2), 2(2))

∇T(-2,2) = (-4, 4)

The maximum rate of change is:

∇T(-2,2) = √((-4)² + 4²)

= √(16 + 16)

= √(32)

= 4√2

(d) The direction of the greatest decrease is:

(-∇T(-2, 2)) = (-(-4), -4)

= (4, -4).

The most negative rate of change is:

∇T(-2, 2) = √(4² + (-4)²)

= √(16 + 16)

= √(32)

= 4√2

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Bob decides to quit his job as a teacher in which he makes $50.000 to open a restaurant. The explicit cost of running his restaurant is $500.000 while the revenue go his business is 525,000. What is his accounting profit or loss? What is his economic profit or loss? What is the implicit cost in this example?

Answers

1. Bob's accounting profit is $25,000.

2. Bob's economic loss is $25,000.

3. The implicit cost in this example is the teacher's salary of $50,000 Bob could have got, working as a teacher.

What are explicit and implicit costs?

Explicit cost refers to the accounting cost that a business incurs.

Explicit cost is different from implicit cost because implicit cost involves an opportunity cost.

What are accounting profit and economic profit?

Accounting profit is the difference between total revenue and explicit cost.

Economic profit is the difference between accounting profit and opportunity cost or the cost of forgone alternatives.

Salary as a teacher = $50,000

Explicit restaurant cost = $500,000

Revenue = $525,000

Accounting profit = $25,000 ($525,000 - $500,000)

Economic loss = -$25,000 ($525,000 - $500,000 - $50,000)

Thus, whereas Bob makes an accounting profit of $25,000, he actually incurs an economic loss of $25,000 by forgoing his teacher's salary.

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