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Operating Profit Ratio

Define econom...

Question

Define economic profits.

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Solution

Economic profits are defined as the difference between total revenue and total cost $(e x p l i c i t + i m p l i c i t)$ .
$E c o n o m i c P r o f i t s = T R - T C (E x p l i c i t c o s t + I m p l i c i t c o s t)$ .

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