Refer to the Table Below A)$6; $63
B)$12; $6
C)$6; $12
D)$63; $6

question 71

Multiple Choice

Refer to the table below. An output level of 15 units, this firm's accounting profit is ______, and its economic profit is ______. $$\begin{array} { | c | c | c | c | } \hline \text { Quantity } & \text { Total Revenue } & \text { Explicit Costs } & \text { Implicit Costs } \\\hline 10 & 50 & 36 & 5 \\\hline 15 & 75 & 63 & 6 \\\hline 20 & 100 & 93 & 7 \\\hline 25 & 125 & 125 & 8 \\\hline 30 & 150 & 161 & 9 \\\hline\end{array}$$

• A)$6; $63
• B)$12; $6
• C)$6; $12
• D)$63; $6

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Definitions:

Manufacturing Overhead

Indirect factory-related costs that are incurred when producing a product, which can include utilities, maintenance, and factory equipment depreciation.

Variable

An element, feature, or factor that is likely to vary or change; it could also refer to costs that fluctuate with the level of output.

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent or salaries, providing predictability for budgeting.

Responsibility Accounting

A system of accounting that segments financial information by areas of responsibility, allowing managers to be held accountable for their areas' financial performance.