Economic or pure profit is calculated by subtracting:

Economic or pure profit is calculated by subtracting:

a. explicit costs from revenue
b. implicit costs from revenue
c. implicit costs from normal profit
d. explicit and implicit costs from revenue

Income elasticity measures how sensitive purchases of a specific product are to changes in:

a. the price of other products
b. the price of the same product
c. income
d. the general price level