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Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue
Edition 20ISBN: 978-1308221281Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue
Edition 20ISBN: 978-1308221281 Exercise 10
How do the concepts of accounting profit and economic profit differ Why is economic profit smaller than accounting profit What are the three basic sources of economic profit Classify each of the following according to those sources: L04
a. A firm's profit from developing and patenting a new medication that greatly reduces cholesterol and thus diminishes the likelihood of heart disease and stroke.
b. A restaurant's profit that results from the completion of a new highway past its door.
c. The profit received by a firm due to an unanticipated change in consumer tastes.
a. A firm's profit from developing and patenting a new medication that greatly reduces cholesterol and thus diminishes the likelihood of heart disease and stroke.
b. A restaurant's profit that results from the completion of a new highway past its door.
c. The profit received by a firm due to an unanticipated change in consumer tastes.
Explanation
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Economic profit is what remains of reven...
Microeconomics 20th Edition by McConnell, Sean Flynn, Stanley Brue
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