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Expand the expression using the Binomial Theorem.
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Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing the surplus generated beyond the firm’s opportunity costs.
ATC
Average Total Cost; it's the total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.
Variable Cost
Expenses that change in proportion to the production volume.
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the true profitability of a business.
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