Economic profits are: a. accounting profits b. total revenue minus accounting costs c. total revenue minus accounting

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Economic profits are:

a. accounting profits

b. total revenue minus accounting costs

c. total revenue minus accounting costs and opportunity costs

d. total revenue minus marginal costs

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Principles Of Agricultural Economics

ISBN: 9780415540704

1st Edition

Authors: Andrew Barkley, Paul W. Barkley

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Question Posted: Apr 17, 2024 08:01 AM

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Economic profits are: a. accounting profits b. total revenue minus accounting costs c. total revenue minus accounting

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Economic profits are calculated by subtracting both explicit costs and opportunity costs from total revenue135 Explicit costs are the direct costs of ...View the full answer

Principles Of Agricultural Economics

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