Answer Key Chapter 7 - Principles of Economics 2e | OpenStax 1. Accounting profit = total revenues minus explicit costs = $1,000,000 - ($600,000 + $150,000 + $200,000) = $50,000. 2. Economic profit = accounting profit minus implicit cost = $50,000 - $30,000 = $20,000. 3. 4. Total revenues in this example will be a quantity of five units multiplied by the price of $25/unit, which equals $125.