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An economist's view of costs contains both explicit and implicit costs. Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resources (i.e., business decisions). Accountants subtract total cost from total revenue and arrive a total accounting profits. An economist, though, would include in the total costs of the firm the profits that could have been made in the next best business opportunity (e.g., the opportunity cost). Thus, there is a significant dissimilarity in how accountants' and economists' view profits B economic profits versus accounting profits.
fig2.3 elaplanition of sales maximisation
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diagrammatically condition of consumer equilibirium
Chemical properties of p block elements
consumer surplus and elasticity of demand assumption of consumer surplus criticisms of consumer surplus consumer surplus in terms of indifference curves importance of the concept o
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