The difference between accounting profit and economic profit is that accounting profit is the difference between total revenue and both implicit and explicit costs, whereas economic profit only accounts for explicit costs. True False

The difference between accounting profit and economic profit is that accounting profit is the difference between total revenue and both implicit and explicit costs, whereas economic profit only accounts for explicit costs. True False

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 6E

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The difference between accounting profit and economic profit is that accounting
profit is the difference between total revenue and both implicit and explicit costs,
whereas economic profit only accounts for explicit costs.
True
False
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explain what is meant by explicit; implicit; and sunk costs. How are they used to calculate accounting profit and economic profit?
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Distinguish between implicit and explicit costs and give examples of each. In addition, explain how explicit and implicit costs affect the distinction between economic profit and accounting profit. What explains the distinction between the two measures of profit?
True or false...
Please answer
Tru false
Define and explain the differences between accounting profit and economic profit.
Which of the following definitions is correct? Economic profit accounting profit - implicit costs Economic profit accounting profit explicit costs Economic profit - implicit costs = accounting profit Accounting profit + economic profit = normal profit Economic profit - accounting profit = normal profit
The question is related to economics/finance/accounting.
Explain using diagrams, the law of diminishing returns What is the difference between Economic Profit and Accounting Profit? Which is better to use in business analysis? At what point would a firm shut down its operations Define using diagrams Economies of Scale, Diseconomies of Scale, Constant Returns to scale
q 17,18,19 please thank you multichoice