At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Connect with professionals ready to provide precise answers to your questions on our comprehensive Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.
Sagot :
Total revenue minus the total explicit and total implicit costs of production is economic profit.
Economic profit is accounting profit less implicit or opportunity costs. It is also total revenue less explicit and implicit cost.
Explicit cost is the amount used in running a business. Examples are rent and wages.
Implicit cost is the cost of the next best option that is let gone off when one option is chosen over other options. For example, a baker leaves his job to start his own business. His implicit cost is the wages he earned as a baker.
A similar question was answered here: https://brainly.com/question/15036999
Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.
