Nine People (Ann, Ben, Cal, Dot, Ed, Fran, Gail, Hal

question 59

Short Answer

nine people (Ann, Ben, Cal, Dot, Ed, Fran, Gail, Hal, and Ida) are in a room. Five of them
stand in a row for a picture.
-In how many ways can this be done if Ben is to be in the picture?

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Definitions:

Economic Profit

Economic profit is the difference between total revenue and total costs, including both explicit and implicit costs.

Economic Loss

Represents a decrease in financial wealth, assets, or resources, often resulting from business operations or market changes.

Monopolistically Competitive Firm

A monopolistically competitive firm operates in a market structure where many companies sell products that are similar but not identical, allowing for limited pricing power and competition on quality and branding.

Economic Profits

The total revenue of a firm minus its explicit and implicit costs.