WebMar 5, 2024 · Economic profit = Accounting profit - Implicit costs is correct Explanation: Economic profit includes income minus implied (opportunity) and explicit (currency) … WebDec 27, 2024 · Economic profit represents a company's revenue less its explicit costs as well as its opportunity costs. It's used for internal analysis. Accounting profit (net income) is a company's revenue...

What is the difference between accounting profit and economic profit …

Webprofit= total revenue - total cost what can opportunity cost be broken up into explicit and implicit cost hat is an exlicit cost one that requires an otlay of money what is an implicit cost one that does not involve an outlay of money nut is isntead measured bu the vaule, in … Study with Quizlet and memorize flashcards containing terms like law of diminishing … WebDefined as the amount of a product that would be offered for sale at all possible prices that could prevail in the market?, Supply 43. Government payment to an individual, business, or other group to encourage or protect a certain type of economic activity?, Subsidy- 44. townsqhoa

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WebProfit is equal to the difference between the total revenue that a firm collects and the total cost of production. In economics, both internal and external costs are considered in the... WebJun 29, 2024 · Economic profit (or loss) is what remains after deducting both normal accounting expenses and the cost of pursuing one business strategy instead of another. If a company chooses the more... WebEconomic Profit = Accounting Profit − Implicit Costs Sometimes economic profit is presented as total revenue minus economic costs, which yields the same result, since economic costs include all explicit and implicit costs. Economic Costs = Explicit Costs + Implicit Costs Economic Profit = Revenue − Economic Costs townsq us youtube