(Answered) Problem basic revenue and cost relationshipswhen analyzing

Economics

Problem: BASIC REVENUE AND COST RELATIONSHIPS

When analyzing why firms exist, one must evaluate not just the revenue side of the business but the cost side as well. Research and distinguish between revenue and cost functions of a business.

1. Explain and summarize the difference between accounting profit and economic profit.

2. Interpret the notion of normal rate of return and the term opportunity cost.

Directions to student: The final paragraph (three or four sentences) of your initial post should summarize the one or two key points that you are making in your initial response. You will be writing three or more discussion posts.

Your main post must be two to three substantive paragraphs 150-200 total words and include at least two APA-formatted citations/references.

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