Types and Determination of Profit are defined below

a)      Normal profit

Definition  - Minimum level of revenue which will ensure the firm to stay in the business.

      - Also called as breakeven in accounting.

  - obtain when AR = AC at the benefit maximising output.  

b)     Supernormal profit

Definition       - It is the excess profit which will ensure the firm to remain in the business.

- Also called as profit in accounting.

- It is obtain when AR > AC at the profit maximising output.

c)      Subnormal Profit

Definition        - Earnings which is less than what is needed to remain in the business.

- Also known as loss in accounting.

- Obtain when AC > AR at the loss minimising output.

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