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Workshop1.P&R.KEY

Workshop1.P&R.KEY - Workshop 1 P&R 1 Explain how...

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Workshop 1 P&R 1: Explain how positive accounting profits do not necessarily imply positive economic profits and vice versa. Positive accounting profits only take into account the total amount of money taken in from sales less the dollar cost of producing goods or services. Economic profits on the other hand also take into account the opportunity cost of producing the firm's goods or services. The opportunity cost includes both the explicit costs (accounting costs) and implicit cost of giving up the best alternative use of the resources. The opportunity cost is generally higher than accounting costs which makes the economic profits less than accounting profits. A firm may have positive accounting profits but a negative economic profit. P&R 2: Describe a business with which you are familiar using Porter's Five Forces Framework . Rate the firm in each area of the Five Forces . Entry: into the market that Mediacom is in (telephone, internet and cable) is tough. In Atlantic, there are no other alternatives for cable (except satellite). I would think that there is definitely a
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