What is the difference between accounting profit and economic profit?
What will be an ideal response?
Profit is the difference between revenue and cost. Accounting profit excludes the cost of some economic resources that the firm does not pay for explicitly. Economic profit includes the opportunity cost of all resources used by the firm.
Economics
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If you know that with 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25, then total cost at this output level is:
A. $93.75 B. $97.78 C. $750 D. $880
Economics
A large denomination time deposit is
A. money in a passbook savings account. B. an S & L share. C. any money left on deposit in a bank for over one year. D. any deposit of at least $100,000 left on deposit at a bank for a specified period of time.
Economics