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Learn the difference between explicit and implicit costs and how they affect accounting and economic profit on Khan Academy.
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Microeconomics. Course: Microeconomics > Unit 6. Lesson 4: Types of profit. Economic profit vs accounting profit. Depreciation and opportunity cost of capital. Long term supply curve and economic profit. Explicit and implicit costs and accounting and economic profit.
Perfect competition foundational concepts. Long-run economic profit for perfectly competitive firms. Long-run supply curve in constant cost perfectly competitive markets. Long run supply when industry costs aren't constant. Free response question (FRQ) on perfect competition.
Opportunity cost is the trade-off that one makes when deciding between two options. The example of choosing between catching rabbits and gathering berries illustrates how opportunity cost works. The related concept of marginal cost is the cost of producing one extra unit of something.
Converting recursive & explicit forms of arithmetic sequences (article) | Khan Academy. Algebra 1. Course: Algebra 1 > Unit 9. Lesson 2: Constructing arithmetic sequences. Recursive formulas for arithmetic sequences.
Economic profit vs accounting profit. Types of profit. Economics>. AP®︎/College Microeconomics>. Production, cost, and the perfect competition model>.
Math: Pre-K - 8th grade; Pre-K through grade 2 (Khan Kids) Early math review; 2nd grade; 3rd grade; 4th grade; 5th grade; 6th grade; 7th grade; 8th grade; 3rd grade math (Illustrative Math-aligned)
Math: Get ready courses; Get ready for 3rd grade; Get ready for 4th grade; Get ready for 5th grade; Get ready for 6th grade; Get ready for 7th grade; Get ready for 8th grade
A firm in a perfectly competitive market might be able to earn economic profit in the short run, but not in the long run. Learn about the process that brings a firm to normal economic profits in this video.