'Total revenue minus explicit and implicit costs equals which of the following? excess profits accounting proft economic profit foregone profits'
Added by Salvador L.
Step 1
Total revenue minus explicit and implicit costs equals economic profit. Excess profits refer to profits that exceed the normal rate of return. Foregone profits refer to profits that could have been earned if a different decision had been made. Show more…
Show all steps
Your feedback will help us improve your experience
Shalini Tyagi and 93 other Macroeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Which of the following equalities is true? a. Economic profit $=$ total revenue $-$ accounting profit b. Economic profit $=$ total revenue $-$ explicit costs - accounting profit c. Economic profit $=$ total revenue $-$ implicit costs $-$ explicit costs d. Economic profit = opportunity cost $+$ accounting cost
Chandra J.
(Alternative Measures of Profit) Calculate the accounting profit or loss as well as the economic profit or loss in each of the following situations: A firm with total revenues of $150 million, explicit cost of $90 million, and implicit costs of $40 million A firm with total revenues of $125 million, explicit cost of $100 million, and implicit costs of $30 million A firm with total revenues of $100 million, explicit cost of $90 million, and implicit costs of $20 million and A firm with total revenues of $250,000, explicit cost of $275,000, and implicit costs of $50,000
Mauya M.
Fill in the blanks. The formula that relates cost, revenue, and profit is ________.
Polynomial and Rational Functions
Nonlinear Inequalities
Recommended Textbooks
Principles of Economics
Macroeconomics
Economics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD