+
3 Tutorials that teach Economic Profit
Take your pick:
Economic Profit

Economic Profit

Author: Catherine Barry
Description:
This lesson will explain Economic Profit
(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

221 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 20 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial

Notes on "Economic Profit"

Terms to Know

Economic Profit

Total revenue minus total cost, where total cost includes implicit (opportunity) costs.

TR - TC

TR = price x quantity sold 

TC = (cost per unit x quantity produced) + opportunity cost