Difference between accounting and economic profit

Reference no: EM1367880

1. What is the law of diminishing returns? Can you give an example of when diminishing returns have set in (could set in) at a work place?

2. What is the difference between economic profits and accounting profits? Can you give examples of costs (opportunity or explicit) you think your firm overlooks/might overlook when it calculates its costs and profits?

Reference no: EM1367880

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