Economic profit equals total revenues minus both explicit and implicit costs. Assuming that implicit costs are positive, accounting profit is greater than economic profit. Study with quizlet and memorize flashcards containing terms like accounting profit, economic profit, accounting profit = and more. Study with quizlet and memorize flashcards containing terms like what is the profit equation, what can opportunity cost be broken up into, hat is an exlicit cost and more. When economic profit is negative, a) total economic cost exceeds total revenue.
Economic profit is equal to a. Total revenue minus explicit and implicit costs. Total revenue minus explicit costs. Marginal revenue minus marginal cost. Study with quizlet and memorize flashcards containing terms like accounting profit, explicit costs, economic profit and more. Study with quizlet and memorize flashcards containing terms like maximize, revenue, profit and more. Study with quizlet and memorize flashcards containing terms like explicit op. Cost, economic profit and more. View quizlet (1). pdf from bus 3100 at california state university, east bay. Accounting profit differs from economic profit because: Accounting cost does not include sunk. Study with quizlet and memorize flashcards containing terms like accounting profit is equal to total revenue minus a. The sum of implicit and explicit costs.
Accounting cost does not include sunk. Study with quizlet and memorize flashcards containing terms like accounting profit is equal to total revenue minus a. The sum of implicit and explicit costs.
