Types of Profit. AP Microeconomics Block 2B – Ryan Higgins. Implicit and Explicit Costs. Implicit Costs are not involved in an outlay of money, they are measured by the benefits that you could’ve had in terms of dollars. Explicit Costs are costs that actually require an outlay of money.
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AP Microeconomics Block 2B – Ryan Higgins
Total Revenue – Opportunity Cost (Explicit and Implicit Costs) = Economic Profit
Mo revenue, less costs, mo profits.