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what is the distinction between economic and accounting profit
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- How is it possible to have positive accounting profit and negative economic profit concurrently?How do you define 'profit'?Tim is thinking of opening a garment store. He estimates that it would cost $270000 per year to rent the location and buy the merchandise. In addition, he would have to quit his $63000 per year day job. Tim estimates he can sell $315600 worth of garments in a year. a. What will be the accounting profit and economic profit for Tim? b. If you are an economist, should you suggest opening the store? Why?
- How do you think the supply chain expanded into an online business can improve the performance of the company?As a manager which do you think should you consider accounting profits or economic profits? why?Thanks for replying fast, what is the difference between normal profit and super normal profit?