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Is economic profit always less than accounting profit?
No economic profit is not always less than accounting profit; However, if accounting profit is less than economic profit the business would exit the industry.
Is economic principle a non profit business?
true
How can one determine economic profit by analyzing a graph?
To determine economic profit by analyzing a graph, one can look at the intersection point of the total revenue and total cost curves. Economic profit is calculated by subtracting total costs from total revenue. If the total revenue is higher than total costs, there is economic profit. If total costs are higher, there is economic loss.
Does accounting profit or economic profit determine how entrepreneurs allocate resources between different businesses ventures?
yes
Should a company go out of business if they are making zero economic profit?
no
How does accounting profit or economic profit determine how entrepreneurs allocate resources between different business ventures?
yes
Is economic profit always less than accounting profit?
No economic profit is not always less than accounting profit; However, if accounting profit is less than economic profit the business would exit the industry.
Is economic principle a non profit business?
true
How can one determine economic profit by analyzing a graph?
To determine economic profit by analyzing a graph, one can look at the intersection point of the total revenue and total cost curves. Economic profit is calculated by subtracting total costs from total revenue. If the total revenue is higher than total costs, there is economic profit. If total costs are higher, there is economic loss.
What is uses of statistics in business organization?
easier for calculate profit
Does accounting profit or economic profit determine how entrepreneurs allocate resources between different businesses ventures?
yes
Should a company go out of business if they are making zero economic profit?
no
How can one determine the profit equation for a business or investment opportunity?
To determine the profit equation for a business or investment opportunity, one must subtract the total costs from the total revenue generated. The profit equation is expressed as Profit Revenue - Costs. This equation helps in analyzing the financial performance and potential profitability of a business or investment.
Importance of statistics to business?
Businesses rely heavily on statistics to determine consumer trends and calculate important economic data. The data that is collected and the information derived from that data is useful in planning an advertising strategy based on demographics and geographies, and internal statistical data guides the business on how they should allocate their resources to insure the greatest profit margin.
What does a capitalist economic system encourag?
private business ownership
What is the basic method business uses to determine profit?
Income - Expenses = Profit if you take in 5000 and spent 3000 to do it you have made 2000 in profit
How do you calculate bonus based on profit when bonus is in the profit?
To calculate a bonus based on profit when the bonus is a percentage of that profit, first determine the total profit. Then, apply the agreed-upon percentage to this profit to calculate the bonus amount. For example, if the profit is $100,000 and the bonus percentage is 10%, the bonus would be $10,000. Ensure that the bonus calculation aligns with any relevant agreements or policies in place.
