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Explicit and implicit costs and accounting and economic profit
WebProduction is the process of combining inputs to produce outputs, ideally of a value greater than the value of the inputs. Revenue is income from selling a firm’s product; defined as price times quantity sold. Accounting profit is the total revenues minus explicit costs, including depreciation. WebMar 4, 2012 · Written by one of the world’s most respected and provocative economic theorists, this second edition of Lecture Notes in Microeconomic Theory is essential … gavin starr pharmacy
Justin Burkett School of Economics
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