What is the difference between Accounting and Economic Profit?

1. Why should managers use study supply, demand and their elasticities? 2. What is the difference between Accounting and Economic Profit? Case Study: 3-2 House Closing You’ve entered into a contract to purchase a new house, and the closing is scheduled for next week. It’s typical for some last-minute bargaining to occur at the closing table, where sellers often try to tack on extra fees. You have three options for the closing: (1) attend yourself, (2) send an attorney authorized to close only per the previously negotiated terms, or (3) pre-sign all the closing documents per the current terms and not attend the closing. Consider each bargaining position; which position would you go with and why?