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economic costs of production differ from accounting costs in that Bnb XRP aave Bonk coinbase futures litecoin futures cardano futures

What is the difference between economic cost and accounting cost?

D. economic cost includes expenditures for hired resources while accounting cost does not. A. accounting cost includes expenditures for hired resources while economic cost does not. B. economic cost adds the opportunity cost of a firm using its own resources while accounting cost does not. C. accounting costs are always larger than economic cost.

What are economic costs?

Economic costs include accounting costs and implicit costs, which are hypothetical expenses used when making a business decision to forecast potential profit. This means that economic costs include both explicit and implicit costs.

What is the difference between accounting profit and economic profit?

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, rent, or materials.

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