Thus, if accounting profit increased while all implicit costs

Profits can be regarded as total revenues minus total costs For an accountant, total costs are all explicit costs. For an economst, total costs are accounting costs plus all Implicit costs Including a normal rate of return on Investment. If the normal rate of return on Investment and all other Implicit costs were to remain unchanged while accounting profit Increased, explain why economic profit would also increase- Accounting profit equals V minus all V Thus, If accounting profit increased while all implicit costs IV Economic profit equals remained unchanged, economic profit wou have to