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Business Economics Essay Preview: Business Economics Report this essay Chapter One Technical Problem 2 Implicit Costs: Opportunity cost = $500,000 x 14% = $70,000 Explicit Costs: What is paid for products/services = $80,000 Total Economic Costs: Implicit Costs + Explicit Costs = $70,000 + $80,000 = $150,000 Economic Profit: Total Revenues — Total Economic Cost.
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