Lecture-89 Economic Terminology: Economic Profit and Accounting Profit

Lecture-89 Economic Terminology: Economic Profit and Accounting Profit


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  1. If while picking up the activity with maximum B(x) – C(x), would the C(x) include the implicit cost or opportunity cost? If yes, while calculating the value, will the opportunity cost of the activity, let's say 5th best activity, be value of 4th best activity or best activity?

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