Question

Q.3. Explain the conceptof”normal profit”. Justify
that it an elements of cost in micro economics.​

Answer 1

Answer:

Normal profit is a profit metric that takes into consideration both explicit and implicit costs. It may be viewed in conjunction with economic profit. Normal profit occurs when the difference between a company's total revenue and combined explicit and implicit costs are equal to zero.

Explanation:

Answer 2

Answer:

What Is Normal Profit?

Normal profit is a profit metric that takes into consideration both explicit and implicit costs. It may be viewed in conjunction with economic profit. Normal profit occurs when the difference between a company’s total revenue and combined explicit and implicit costs are equal to zero.