Examlex
Use a graphing device to find the solutions of the equation, correct to two decimal places.
Economic Profits
The excess of total revenues over the total costs (including both explicit and implicit costs) of a business.
Entrepreneurial Talent
The unique set of abilities, creativity and initiative needed to identify market opportunities and create new businesses.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.
Implicit Cost
The opportunity cost equal to what a firm must give up in order to use resources that it already owns, without directly paying for them.
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