WebJan 11, 2024 · c. Implicit cost d. None of these. Answer: Total Revenue Explanation: Accounting profit is the total revenues minus explicit costs, including depreciation. Economic profit is total revenues minus total costs—explicit plus implicit costs. Explicit costs are out-of-pocket costs for a firm—for example, payments for wages and salaries, … WebJan 6, 2024 · An implicit cost is a non-monetary opportunity cost that is the result of a business ... accounting profits, which are calculated as total revenues minus total expenses, only reflect actual cash expenses that a company pays out – its explicit costs. ... (Total Revenue) – $80,000 (Explicit Costs) = $20,000.

Implicit cost - Wikipedia

WebEconomic profit is defined as: a. price minus the sum of average fixed and marginal cost b. total revenue minus total implicit cost c. total revenue minus the average total cost d. total revenue minus the sum of implicit and explicit costs Webexplicit costs are also known as. implicit costs. the opportunity costs of using owned resources; costs for which no monetary payment is explicit made. accounting profit. total … swagger api security

1A) The difference between a firm

WebMar 6, 2024 · Key Takeaways. Gross profit is the total revenue minus the expenses directly related to the production of goods for sale, called the cost of goods sold. Derived from gross profit, operating profit ... Webpayment of $10,000 would appear as an explicit cost. Economic profit is total revenue minus opportunity cost. Accounting profit is total revenue minus explicit cost. Opportunity costs are higher than explicit costs because opportunity costs also include implicit costs. As a result, economic profits are lower than accounting profits. WebRevenue Implicit costs Total opportunity costs Revenue Explicit costs 如果农民琼斯没有在她的土地上播种，他就得不 到收成。如果她种一袋种子，他得到3蒲式耳小 麦。如果他种2袋种子，他得到5蒲式耳小麦。如 果他种3袋种子，他得到6蒲式耳小麦。 skg whole slow juicer