Respuesta :
Owners and managers control some of the factors that make a firm successful such as The firm's ability to differentiate its product.
What are economic profits?
- An economic profit or loss is the difference between the sales profits from a product and the expenses of all inputs used, as well as any opportunity costs.
- To calculate economic profit, realized revenues are reduced from opportunity costs and explicit costs. Profit is defined as the difference between an economic entity's revenue from its outputs and the opportunity costs of its inputs. Total income less total expenses, which includes both direct and indirect expenses, is what it amounts to.
- Product differentiation depends on consumers' attention to one or more distinguishing characteristics that set a product or brand apart from alternatives. Examples of differentiating elements include marketing, packaging, pricing, and product design.
Hence, owners and managers control some of the factors that make a firm successful such as The firm's ability to differentiate its product.
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