P= MR = MC = 10, Q = 5, Profit = total revenue - total cost = 10*5 - 7*5 = 15/ Thus, short-run economic profit would be d. $15
Explain economic profit.
Accounting profit and economic profit are frequently examined together in analyses. The profit a corporation displays on its income statement is known as accounting profit. Accounting profit is a component of the necessary financial transparency for a corporation and gauges real inflows versus outflows.
Contrarily, economic profit is not revealed to regulators, investors, or financial institutions and is not reported on a company's financial accounts either. A particular kind of "what if" study is economic profit. When faced with decisions about production levels or other business options, businesses and people may opt to take economic profit into account. Foregone profit considerations can be represented by economic profit.
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