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So even if he has made an accounting profit in his restaurant business. A accounting profit is the firm s total revenue less its explicit costs b economic profit to the economist is the total revenue of a firm less explicit and implicit cost. Accounting Profit Vs Economic Profit Definition And E…

Economic profit is obtained when the revenue exceeds the opportunity s cost. For example marketing promotion and research expenses are consider as operating expenses under accounting principle to calculate accounting profit. Https Encrypted Tbn0 Gstatic Com Images Q Tbn 3aand9gcraapmvofadak3ymtn…