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Author Question: What is the difference between economic profit and accounting profit? What will be an ideal ... (Read 47 times)

drink

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on: Jun 29, 2018
What is the difference between economic profit and accounting profit?
 
  What will be an ideal response?

Question 2

Refer to Table 8-17. What is nominal GDP in 2011?
 
  A) 3,320 B) 3,690 C) 6,360 D) 7,035


robbielu01

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Economic profits equal total revenue minus explicit and implicit costs. Accounting profit equals total revenue minus explicit costs only. The difference between economic profit and accounting profit is therefore implicit costs.

Answer to Question 2

A


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