Explain the terms Normal Profits, Super Normal Profits , accounting costs , accounting profits, economic profits and economic costs explaining - Economics - Production and Costs

Question

Explain the terms Normal Profits, Super Normal Profits , accounting
costs , accounting profits, economic profits and economic costs
explaining the differences between them

Shvetika Sharma · Accepted Answer

Dear student,

The given terms have been explicitly explained in our study
material You can view the same following the below mentioned
path:
Class XII- Economics- Study material- Theory of firm under firm
perfect competition- Profit maximising conditions

Explain the terms Normal Profits, Super Normal Profits , accounting costs , accounting profits, economic profits and economic costs explaining the differences between them