BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

Solutions

Chapter
Section
BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If accounting profit is $400,000 greater than economic profit, what do implicit costs equal?

To determine

Impact on implicit cost if economic profit $400,000 which is greater than accounting profit.

Explanation

Accounting profit can be calculated by subtracting the explicit cost from total revenue.

Accounting profit=Total revenueExplicit cost        (1)

Economic profit can be calculated by subtracting both explicit costs and implicit costs from total revenue

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What is efficiency? Is it the only goal of economic policymakers?

Principles of Macroeconomics (MindTap Course List)

Why is productivity important?

Essentials of Economics (MindTap Course List)

Why should policymakers think about incentives?

Principles of Microeconomics (MindTap Course List)

What is a market?

Foundations of Business (MindTap Course List)

RISK AND RETURN Assume that you recently graduated with a major in finance. You just landed a job as a financia...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)