23 Nov 2021
Problem 2
Page 181
Section SELF: CHECK QUESTIONS
Chapter 7: Production, Costs, and Industry Structure
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23 Nov 2021
Introduction
Accounting Profit is defined as the percent which remains after subtracting all the expenses from the revenue gained by the company that is Total Revenue – Explicit Costs.
Economic Profit: Accounting Profit – Implicit Cost
Implicit Cost refers to the amount that occurrs but is not shown as a separate expense.
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