Econ 247 certification - Study guides, Class notes & Summaries
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Econ 247 Certification Exam Questions and CORRECT Answers
- Exam (elaborations) • 10 pages • 2024
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Total Revenuethe amount a firm receives for the sale of its output 
Total Costthe amount that the firm pays to buy inputs 
Total Profittotal revenue - total cost 
Explicit costsinput costs that require an outlay of money by the firm 
Implicit costDo not require a cash outlay 
economic profittotal revenue minus all opportunity costs, explicit and implicit of 
producing the good and services sold.
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