Economic profit equals a firm's total revenue minus its total opportunity costs of production.
Economic profit = Total revenue - Total opportunity costs
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Subject 1. Types of Profit Measures Accounting Profit
Accounting profit is the profit used by accountants to determine a firm's net income.
Accounting profit = Total revenue - Total accounting costs
Economic profit equals a firm's total revenue minus its total opportunity costs of production.
Economic profit = Total revenue - Total opportunity costs
The total opportunity costs include both explicit and implicit costs of all the resources used by a firm. Implicit opportunity cost is the unearned or nominal profi
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