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What is difference between normal profit and economic profit

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Reference no: EM131855866

Assignment

Answer in 75 to 150 words or longer. Please use Chapter 8 "Costs and the Supply of Goods" that is attached for reference when answering questions.

What is the difference between an explicit cost and implicit cost?

What is the difference between normal profit and economic profit?

How does this all relate to the entrepreneur's "opportunity costs?"

Reference no: EM131855866

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