Answered

Join the growing community of curious minds on IDNLearn.com and get the answers you need. Join our interactive community and access reliable, detailed answers from experienced professionals across a variety of topics.

Which of the following expressions correctly describes economic​ profits? A. Marginal revenuesexplicit costs. B. Total revenuesexplicit costs. C. Total revenuesimplicit costsexplicit costs. D. Marginal revenuesimplicit costsexplicit costs.

Sagot :

Answer:

C. Total revenuesimplicit costsexplicit costs.

Explanation:

The formula to compute the economic profits is shown below:

The economic profit is

= Total revenue - (explicit cost + implicit cost)

or

= Total revenue - explicit cost - implicit cost

So based on the above formula, the option c is correct

And, the rest of the options are incorrect

Thank you for being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Thank you for trusting IDNLearn.com with your questions. Visit us again for clear, concise, and accurate answers.