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Economic Profit and Accounting Profit
Economic profit is defined as the difference between total revenue (TR) and total economic costs.
Accounting profit is the difference between TR and total accounting cost.
Normal profit is the level of accounting profit such that economic profit is zero.
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Economic costs are the sum of total accounting costs and implicit opportunity costs.
The labor expense is both an economic cost and an accounting cost.
Economic depreciation is forward looking.
Accounting depreciation is backward looking.
260Trading Blocs, Common Markets, and Economic Unions:all barriers to the flow of goods and services among members have been eliminated. However:Beneluxreplacement of higher-cost domestic production by lower-cost imports from othermembers.
355Profit-Maximization, Breakeven, and Shutdown Points of Production:Points of Production:competition[Practiceminimized does not necessarily correspond to a profit maximum.
502Marginal Revenue, Marginal Cost, and Profit Maximization:[Practice,200 units is closest to:period.MC = ΔTCΔQ.Long-runVariableAveragethat 1 MR = MC and 2 MC is not falling.
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