Accounting profit takes into account the dollar amount of variable expenses, such as labor and materials, and fixed expenses, such as rent and salaries. Economic profit, however, includes implicit costs, such as the opportunity cost of doing something different. In these exercises examine the ways implicit costs are calculated to measure economic profit.
The attachment has the 2 exercises I am requesting assistance with. In addition, the textbook and chapter are referenced at the bottom of the attachment.
Attachment:- 9_MWS76VIC918MAN_1WEEK10EXERCISES.docx