Mr. Brown Wants to open a coffee shop. He has to decide whether he needs to apply for a loan or borrow money from financiers. Al
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<h3>What are economic profits?</h3>Generally, The difference between the income obtained from the sale of a product and the costs of the inputs utilized, in addition to any opportunity costs, determines whether an economic activity results in a profit or loss.
When determining the level of economic profit, the amount of revenue received is subtracted from both the opportunity costs and the explicit expenses.
Read more about economic profits
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