Economic Profit versus Accounting profit ◆ Economists measure a firm’ s economIc profit as total revenue minus all the opportunity costs(explicit and implicit) Accountants measure the accounting profit as the firms total revenue minus only the firm's explicit costs. In other words, they ignore the implicit costs. H arc Inc. items and derived items c ht o 2001 by Harcourt, IncHarcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Economic Profit versus Accounting Profit uEconomists measure a firm’s economic profit as total revenue minus all the opportunity costs (explicit and implicit). uAccountants measure the accounting profit as the firm’s total revenue minus only the firm’s explicit costs. In other words, they ignore the implicit costs