ENTREPRENEURSHIP

Detailed explanation-1: -Profit is equal to revenue minus cost, where revenue equals price times quantity of output, while cost equals the wage rate times employment (assuming wages are the only cost of production).

Detailed explanation-2: -Profit is equal to total revenue minus total cost.

Detailed explanation-3: -Net income is the profit that remains after all expenses and costs have been subtracted from revenue.

Detailed explanation-4: -Formula for normal profit Economic profit = total revenue-(explicit costs + opportunity costs) = 0A business determines whether it’s in a state of normal profit by using the economic profit formula. If the economic formula equals zero, the company has a normal profit.