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In the calculation of profits economists include both implicit and explicit costs but accountants only include explicit costs True False The lost opportunity to invest in other capital markets

In the calculation of profits, economists include both implicit and explicit costs but accountants only include explicit costs.

True

False

The lost opportunity to invest in other capital markets when the money is invested in one's business is an implicit cost of production

True

False

Ellen quit her $100,000 a year corporate engineering job to open up her own engineering business. In Ellen's first year in business her total revenue equaled $190,000. Ellen's explicit cost during the year totaled $100,000. As a result Ellen’s economic profit for her first year in business is more than zero.

True

False

Feb 07 2020 View more View Less

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