Question

why is accounting profit never less than economic profit?

Answer 1

Because accounting profits always leave out opportunity costs. Economic costs are always higher then accounting costs, so accounting profits are always higher then economic profits.

Answer 2

You have your answer from KansasEconomist. I guess I am a North Carolina economist. wmw

Answer 3

Here is an illustrating example....
The cost of going to a movie on the night of the final exam....
Economic Cost = Explicit Cost (=Accounting cost) + Implicit Cost
= price of ticket + Getting a bad grade

Hope this helps...