econ (maximization & minimization formulas)

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7 Terms

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TEC (Total Economic Cost)

Explicit/Total Cost + Opposing Cost

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Total Economic Profit

Total Benefit - Total Economic Cost

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Opportunity Cost

2nd Best Choice

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Accounting Profit

The same as the Net Benefit…but only focusing on monetary value. TB-TC

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Interest Formula

Percentage x Prev. Debt

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Debt Formula

Prev. Debt + Interest ± Deficit/Surplus

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Net Benefit

Total Benefit - Total Cost