8 Nov 2021
Problem 2
Page 181
Section SELF: CHECK QUESTIONS
Chapter 7: Production, Costs, and Industry Structure
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8 Nov 2021
Introduction
Accounting profit is defined as the amount which is left after deducting all the costs from the revenue earned by the company which is calculated by Total Revenue – Explicit Costs.
Implicit Cost is the cost that has occurred already but is not shown as a separate expense.
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