Economic profit can be derived from calculating total revenues minus all of the firm's costs,

Name: Economic profit can be derived from calculating total revenues minus all of the firm's costs,
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Economic profit is calculated by subtracting all of a firm's costs, including both explicit and implicit (opportunity) costs, from its total revenues. This accounts for the full cost of resources used in production, not just the out-of-pocket expenses.

Economic Profit Can Be Derived from Calculating Total Revenues Minus