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# Solved: You sell T-shirts at your schools football games. Each shirt costs \$5 to make

ISBN: 9781464122187 429

## Solution for problem 5 Chapter Module 52

Krugman's Economics for AP® (High School) | 2nd Edition

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Krugman's Economics for AP® (High School) | 2nd Edition

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Problem 5

You sell T-shirts at your schools football games. Each shirt costs \$5 to make and sells for \$10. Each game lasts two hours and you sell 100 shirts per game. You could always be earning \$8 per hour at your other job. Which of the following is correct? Your accounting profit from selling shirts at a game is a. \$1,000 and your economic profit is \$500. b. \$500 and your economic profit is \$1,000. c. \$500 and your economic profit is \$484. d. \$484 and your economic profit is \$500. e. \$500 and your economic profit is also \$500.

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Bus 205 2/13/17 Chapter 4 notes  Probability- the chance that a particular event will occur  Experiment- a process that produces a single outcome whose result cannot be predicted with certainty  Sample space- the collection of all outcomes that can result from a selection, decision, or experiment  Event- a collection of experimental outcomes  Mutually exclusive events- two events are mutually exclusive if the occurrence of one event precludes the occurrence of the other event.  Independent events- two events are independent if the occurrence of one event in no way influences the probability of the occurrence of the other event  Depen

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