Question

Define economic profit in
economics​

Answer 1

An economic profit or loss is the difference between the revenue received from the sale of an output and the costs of all inputs used and any opportunity costs. In calculating economic profit, opportunity costs and explicit costs are deducted from revenues earned.

What Is Economic Profit (or Loss)?
An economic profit or loss is the difference between the revenue received from the sale of an output and the costs of all inputs used and any opportunity costs. In calculating economic profit, opportunity costs and explicit costs are deducted from revenues earned.

Opportunity costs are a type of implicit cost determined by management and will vary based on different scenarios and perspectives.

Answer 2

Answer:

An economic profit or loss is the difference between the revenue received from the sale of an output and the costs of all inputs used, as well as any opportunity costs. In calculating economic profit, opportunity costs and explicit costs are deducted from revenues earned.

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