Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
If accounting profit is $400,000 greater than economic profit, what do implicit costs equal?
Impact on implicit cost if economic profit $400,000 which is greater than accounting profit.
Accounting profit can be calculated by subtracting the explicit cost from total revenue.
Economic profit can be calculated by subtracting both explicit costs and implicit costs from total revenue
Chapter 21 Solutions
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