Economic profit<span> is the difference between total monetary revenue and total costs, but total costs include both explicit and implicit costs. </span>Economic profit<span> includes the opportunity costs associated with production and is therefore lower than </span>accounting profit<span>.</span>
The answer is psychological.
In the given scenario, Ed has an almost-new economy car, but he wants a Ford Mustang because he thinks it would be exciting to own one.
Since Ed already has a car that works, he does not have a functional need for a car.
Therefore, a choice to purchase a sports car would represent a psychological need.
This shows perhaps the car makes him feel cool or adventurous.
So, this demonstrates that he will be fulfilling his mind. Consequently, fulfilling his psychological need.
Hence, If he decides to purchase a sports car such as the Mustang, he will be primarily fulfilling a psychological need.
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The utmost effective
audit procedure for determining the collectability of an account receivable is
the, review of the subsequent cash collections. Reviewing the subsequent cash
collections speeds up the audit procedure to determine the collectability of an
account receivable.
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