A. Economic profit is calculated as follows: Revenue - Explicit Costs - Implicit Costs = Economic Profit Accounting costs include only explicit costs.
B. Economic profit is calculated as follows:Revenue - Explicit Costs - Implicit Costs = Economic Profit Fixed and variable costs do not include all of the implicit costs that need to be included in Economic profit.
C. Economic profit is calculated as follows: Revenue - Explicit Costs - Implicit Costs = Economic Profit Fixed and variable costs do not include all of the implicit costs that need to be included in Economic profit.
D. This is the correct definition of the concept of economic profit. Economic profit is calculated as follows: Revenue - Explicit Costs - Implicit Costs = Economic Profit
