Sodium silicate, commonly known as âwaterglassâ, is prominent due to wide commercial and industrial application. It is often composed of an oxygen-silicon polymer backbone housing water in molecular matrix pores. Sodium silicate products are manufactured as solids or thick liquids, depending on intended use. For instance, waterglass functions as a sealant in metal components. Lastly, although sodium silicate production is a mature industry, there is ongoing research for new applications given its heat conductive properties.
T/F Profit equals marginal revenue minus marginal cost. T/F The difference between economic profit and accounting profit is that economic profit is calculated. based on both implicit and explicit costs whereas accounting profit is calculated based on explicit. costs only. T/F Economic profit is greater than or equal to accounting profit.
Economic Profit. Profit = Total Revenue - Total Costs = TR - TC Total Revenue = Price x Quantity Sold TR = P x Q Total Costs = Opportunity costs of all factors of production: land, capital, labor and other inputs supplied by the firmâs owner(s) Economic Profit versus Business Profit Economic Costs =Explicit costs + Implicit Costs Economic Profit = T. Revenue -T. Economic Costs =TR- Explicit Costs-Implicit Costs Business Profit = T. Revenue -Explicit Costs =>We expect: Bus. Profit > Economic Profit Total Revenue and Demand Curve Consider the following two cases: