If a firm has total revenue of $200 million, explicit costs of $190 million, and implicit costs of $30 million, its economic profit is:

Name: If a firm has total revenue of $200 million, explicit costs of $190 million, and implicit costs of $30 million, its economic profit is:
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Question

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Economic profit is calculated as total revenue minus both explicit and implicit costs. Here, $200 million (total revenue) - $190 million (explicit costs) - $30 million (implicit costs) = -$20 million.

If a Firm Has Total Revenue of $200 Million, Explicit