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If economic profit is $5000, explicit cost is $1200, total revenue is $7000 Calculate the value of implicit cost

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...

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If economic profit is $5000, explicit cost is $1200, total revenue is $7000

Calculate the value of implicit cost

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