From health tips to tech hacks, find it all on IDNLearn.com. Ask your questions and receive reliable, detailed answers from our dedicated community of experts.

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