“Fixed, variable, marginal costs”
“Economic profit versus accounting profit”
Please prepare a short research/critical thinking/discussion on the topics below.
I would like to see the evidence of deeper thinking, extending the answers beyond the set questions by linking it with other (relevant) topics. Including at least 2 academic references for both points would be great.
Nevertheless, demonstrating advanced understanding of fixed, variables, marginal costs (section1) and understanding of difference between economic profit versus accounting profit(section2) is the aim for this task.
Please see below
- Watch the Khan video: “Fixed variable and marginal costs”.
In your own words explain the terms “average fixed costs”, “average variable costs”, “average total costs”, and “marginal costs”.
You can give examples of your own calculations to illustrate your answers if you need to. You can research your answers by searching the web or reading other material, don’t forget to reference the sources of your information though, marks will be deducted for not referencing sources. 300-400 words plus calculations demonstration.
- Watch the Khan video “Economic profit versus accounting profit”.
Explain in your own words the difference between these two terms (Economic profit versus accounting profit) academic
Provide me with examples of your own calculations to illustrate the answers. A deeper research will be appreciated. 200-300 words plus calculations demonstration.
