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Perform the indicated operations and write the result in standard form.
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Economic Costs
The total cost of production, including both explicit costs like wages and materials and implicit costs such as opportunity costs.
Accounting Profit
The total revenue of a business minus the explicit costs associated with that revenue, calculated using generally accepted accounting principles (GAAP).
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.
Short Run
In economics, a period during which at least one of a firm's inputs is fixed and cannot be changed.
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