question 1 what is accounting profit? total cost divided by quantity of output. the sum of fixed and…

question 1 what is accounting profit? total cost divided by quantity of output. the sum of fixed and variable costs of production. total revenues minus explicit costs, including depreciation. the additional cost of producing one more unit. opportunity cost of resources already owned by the firm.

question 1 what is accounting profit? total cost divided by quantity of output. the sum of fixed and variable costs of production. total revenues minus explicit costs, including depreciation. the additional cost of producing one more unit. opportunity cost of resources already owned by the firm.

Answer

Brief Explanations:

Accounting profit is calculated by subtracting explicit costs (actual out - of - pocket expenses including depreciation) from total revenues. It does not consider implicit costs like opportunity costs.

Answer:

Total revenues minus explicit costs, including depreciation.