Question 1
Economic costs
◦ include both a normal rate of return on investment and the opportunity cost of each factor of production.
◦ are equal to the direct costs of hiring all factors of production.
◦ are the opportunity cost of each factor of production minus any interest charges paid on borrowed funds.
◦ are equal to total revenue minus accounting profit.
Question 2
Economic costs
◦ include both a normal rate of return on investment and the opportunity cost of each factor of production.
◦ are equal to the direct costs of hiring all factors of production.
◦ are the opportunity cost of each factor of production minus any interest charges paid on borrowed funds.
◦ are equal to total revenue minus accounting profit.
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