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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is die difference between accounting and economic profit?

To determine

The difference between Accounting and Economic profit.

Explanation

Difference between Accounting profit and Economic profit is as follows:

Sr. No Accounting profit Economic profit
1 It is determined by Generally Accepted Accounting Principles It is determined by economic principles.
2 It includes only explicit costa whereas implicit cost are not included. It includes both imp licit as well as explicit costs...

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