If explicit costs equal $40,000,implicit costs equal $95,000,and accounting profit equals $23,000,it follows that total revenue equals __________ and economic profit equals __________.

Question

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Total revenue is calculated by adding accounting profit to explicit costs, which equals $63,000. Economic profit is calculated by subtracting both explicit and implicit costs from total revenue, resulting in -$72,000.

If Explicit Costs Equal $40,000,implicit Costs Equal $95,000,and Accounting Profit