In what way does an economist's measurement of profit differ from an accountant's? O Accountants calculate total revenue differently. Accountants do NOT always include all of the opportunity costs when calculating total production costs. Economists calculate higher profits for firms as economic profit generally exceeds accounting profit. Economists do NOT always include all of the opportunity costs when calculating total production costs.

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.