Define and explain the differences between accounting profit and economic profit

The difference between economic profit and accounting profit is?   Average cost Direct costs Economic costs Variable costs Marginal costs

Consider the concepts of accounting profit and economic profit.  Suppose you are a consultant and you are meeting with a business owner who is trying to decide whether to keep that business open or open a business in a different industry.  Discuss the differences between accounting profit and economic profit and why it should matters in this circumstance.

Should a company produce more goods when marginal revenue is greater than marginal costs? Explain.

What is the relationship between a firm’s total revenue, profit, and total cost?

Consider the following information about a business Rodriguez opened last year: price = $5; quantity sold = 15,233; implicit cost = $18,000; explicit cost = $33,000. What was Rodriguez's accounting profit and economic profit?

A firm's output, variable costs, and total costs are given in the table below. Instructions: Round your answers to the nearest dollar. a. Calculate marginal cost using the formula given in the chapter: A total cost / A quantity. Variable cost ($) Total cost ($) Marginal cost ($) 0 100 50 150 80 180 220 280 360 Quantity 0 1 2 3 4 5 120 180 260 b. Calculate A variable cost / A quantity. Quantity 0 1 2 3 4 5 Variable cost ($) 0 50 80 120 180 260 Total cost ($) 100 150 180 220 280 360 A variable cost / A quantity ($)

What would be the value of economic profit if explicit cost is $200, implicit cost is $150 and total revenue is $800

Describe the four steps taken to obtain a unit profit?