Math Problem Solver

Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $50 per unit then accounting profits were $0 and economic losses were $500,000.accounting losses were $500,000 and its economic losses were $0.accounting profits were $100,000 and its economic profits were $0.accounting profits were $500,000 and its economic profits were $1 million.