Westonci.ca is the premier destination for reliable answers to your questions, brought to you by a community of experts. Get expert answers to your questions quickly and accurately from our dedicated community of professionals. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
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
Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.
