Solved: What is the total economic cost, Microeconomics

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What is the total economic cost

Problem: Suppose a company incurs the following costs: Labor - $400, Equipment - $300, Material - $100. However, it owns the building so dosen't have to pay the $800 in rent.

- What is the tolal accounting cost?

- What is the total economic cost?

- Explain why these are different in this way.

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Microeconomics: What is the total economic cost

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