suppose a firm produce 2000 units a year and sells them all for 10 rupees each. The explicit costs of production are 14000, and implicit cost of production are 2000, the firm has:
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The correct option is B
Rs 200,000 and Rs 500,000
Total Revenue=200000×10=Rs 2000000
Economic Costs=Rs 1500000+Rs 300000Rs 180000
Economic Profit=Rs 200000−Rs 1800000=Rs 200000
Accounting Cost=Rs 1500000
Accounting Profit=Rs 2000000−Rs 1500000=Rs 500000
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