Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 7, Problem 3P
To determine
To Determine: The accounting profit or loss and the economic profit or loss is to be determined in each situation.
Concept Introduction: Accounting Profit= Total Revenue −Explicit Cost.
Economic Profit = Accounting profit- Implicit Cost.
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Sub : EconomicsPls answer very faast.I ll upvote. Thank You
6
If a company’s total revenue is $1,744,322, their explicit costs are $863,214, and their implicit costs are $506,688, then what is their Accounting profit? What is their economic profit? (Show your work).
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