If Bob's business earned a $500,000 accounting profit, but had $1,000,000 in implicit costs, it would earn an economic profit.

Name: If Bob's business earned a $500,000 accounting profit, but had $1,000,000 in implicit costs, it would earn an economic profit.
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Economic profit is calculated by subtracting both explicit and implicit costs from total revenue. If implicit costs are $1,000,000 and accounting profit is $500,000, the economic profit would be negative $500,000.

If Bob's Business Earned a $500,000 Accounting Profit, but Had