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  1. openstax.org

    It means total revenue minus explicit costs—the difference between dollars brought in and dollars paid out. Economic profit is total revenue minus total cost, including both explicit and implicit costs. The difference is important because even though a business pays income taxes based on its accounting profit, whether or not it is ...
  2. ecampusontario.pressbooks.pub

    Accounting profit is a cash concept.It means total revenue minus explicit costs—the difference between dollars brought in and dollars paid out. Economic profit is total revenue minus total cost, including both explicit and implicit costs.The difference is important because even though a business pays income taxes based on its accounting profit, whether or not it is economically successful ...
  3. economicshelp.org

    Explicit costs. An explicit costs are measurable and will be included in profit/loss accounts. For example, if the firm hires a new worker, their salary will be an explicit cost which will be put on the accounting balance sheet. The explicit cost of hiring a worker may be £20,000 a year. But, hiring a new worker may also imply some implicit costs.
  4. economicsonline.co.uk

    Jan 14, 2024Economic Cost = Explicit Cost + Implicit Cost. Economic Cost = $15000 + $13000 = $28000. Now we can calculate economic profit as follows: Economic Profit = Total Revenue - Economic Cost. Economic Profit = $40000 - $28000 = $12000. Since this economic profit is positive, it is called abnormal profit or supernormal profit.
  5. keydifferences.com

    The measurement of Explicit Cost is objective in nature because it is actually incurred whereas Implicit Cost occurs indirectly and that is why its measurement is subjective. Explicit Cost helps in the calculation of both accounting profit and economic profit. Conversely, Implicit Cost helps in the calculation of only economic profit.
  6. geeksforgeeks.org

    Aug 4, 2023Explicit Cost. Implicit Cost. Meaning. Explicit Cost is a payment made to outside parties for hiring the factor services. Implicit Cost is the cost of self-supplied factors. Money Payment. It includes paying with actual money to purchase and hire inputs. It consists of the firm's imputed value of factors. There is no monetary payment involved ...
  7. academichelp.net

    Nov 3, 2023When comparing explicit and implicit costs, it's important to recognize that both play a significant role in business decisions. While explicit costs affect a company's accounting profit, implicit costs influence its economic profit. There's an interplay between explicit and implicit costs when it comes to opportunity cost.
  8. courses.lumenlearning.com

    Explicit and Implicit Costs, and Accounting and Economic Profit. Private enterprise, the ownership of businesses by private individuals, is a hallmark of the U.S. economy. When people think of businesses, often giants like Wal-Mart, Microsoft, or General Motors come to mind. But firms come in all sizes, as shown in Table 2.1.
  9. corporatefinanceinstitute.com

    Explicit costs are contrasted with implicit costs; implicit costs represent an expenditure of resources but do not involve a direct monetary payment or cash outflow. Two Types of Profit - Accounting and Economic. The issue of explicit costs versus implicit costs is tied to two other concepts - accounting profit and economic profit. ...

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