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Natasha_Volkova [10]
2 years ago
10

Economists consider both explicit and implicit costs when measuring economic profit

Business
1 answer:
patriot [66]2 years ago
7 0

Explicit and Implicit costs should be considered when measuring economic profit because a business must cover its opportunity costs as well as its out-of-pocket expenses to be truly profitable. Economic profit consists of revenue minus implicit (opportunity) and explicit (monetary) costs. Explicit costs are monetary costs a firm has. Implicit costs are the opportunity costs of a firm’s resources.

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