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GrogVix [38]
3 years ago
11

Economic profits are Multiple Choice always larger than accounting profits. the sum of accounting profits and implicit costs. eq

ual to the difference between total revenues and implicit costs. equal to the difference between accounting profits and implicit costs.
Business
1 answer:
AleksandrR [38]3 years ago
6 0

Answer:

The answer is: Economic profits is equal to the difference between accounting profits and implicit costs.

Explanation:

Unlike accounting profits which only take explicit expenses into account, Economic profits take both explicit and implicit costs into account to come up with the net worth a firm/a project is generating.

These implicit costs are opportunity costs which by operating a firm or by taking a project, an economic benefit has to be sacrificed for the firm or the project to be operated/ carried out.

So, to come up with economic profit from accounting profit, we have to further subtract implicit cost from accounting profit or:

Economic profit = Accounting profit - Implicit costs.

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Answer; c. $14,000

Explanation

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_________ refers to the number of products or services that consumers will purchase at varying cost at a given time.
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<h3>What is a Product?</h3>

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An attestation engagement is one in which a CPA is engaged to:________.
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