Why do economists measure profit differently from accountants?

1 answer:

8 0

Accountants only concern themselves with direct costs which involve things like the cost of materials, rent, and labor for instance. This profit is aptly named "accounting profit".

Economists consider those costs as well, but they also include indirect costs such as opportunity costs of other investments. Recall that opportunity cost is the cost of what you give up if you make a certain decision.

For instance, if a car factory makes 4 door sedans, but it could be making more money with SUVs, then the opportunity cost is high and the economic profit is lower compared to the accounting profit.

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Suppose R and Q are two events such that P(R)= .14, P(Q) = .52, and P(R∩Q)= .20, find P(RUQ), are the events mutually exclusive

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P(R I Q) = P(RnQ) / P(Q) = 0.1 Therefore P(RnQ) = 0.1 X 0.35 = 0.035 (The intersection in the centre of a Venn Diagram)

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Identify 3 regions/countries of Europe in which Indo-European languages do NOT predominate

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3 regions/countries of Europe in which Indo-European languages do NOT predominate are :

Uralic languages are spoken in:

Estonia: Estonian

Finland: Finnish and Swedish

Hungary: Hungarian

Explanation :

The Uralic or Uralian language family consists of 38 languages spoken by approximately 25 million people, predominantly in Northern Eurasia
Uralic is a large and diverse family of languages spoken in northern and eastern Europe and northwestern Siberia. Among the better-known Uralic languages are Finnish, Estonian, and Hungarian.
The most demographically important Uralic language is Hungarian, the official language of Hungary.
Two other Uralic languages, Estonian and Finnish are also spoken by millions.
Indo-European divided into different branches because of isolation of different speakers. Basque is the only non-Indo-European language currently spoken in Europe.
Finnish, Hungarian and Estonian belong to the Uralicfamily, and Basque has no genetic relation to any other language.

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