To Calculate A(n) ____________________ Between Two Data Sets, You Subtract

question 136

Short Answer

To calculate a(n) ____________________ between two data sets, you subtract the old value from the new value and then divide the difference by the old value.

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Definitions:

Explicit Costs

Costs that involve direct monetary payment by a firm for the resources needed in production, such as wages and materials.

Implicit Costs

The opportunity costs of utilizing resources owned by the company for its operations instead of other purposes.

Accounting Profit

The financial gain calculated by subtracting total explicit costs from total revenues, excluding the consideration of implicit costs or opportunity costs.

Economic Profit

The gap between a company's total earnings and its combined explicit and implicit expenses.