ECO 365 Week 2 DQ 1

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Explain the difference between accounting profit and economic profit. How does this difference impact your employer?

Answer:

Accounting Profit: Accounting profit is was people normally think of when they think of profits. It is the difference between your operating costs and what you actually made. For example if you spent $100,000 but made $150,000 then your accounting profit would be $50,000.
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