Let's say you quit your job as an attorney making $100,000/year and you open a burrito...

   

Transcribed Image Text:

Let's say you quit your job as an attorney making $100,000/year and you open a burrito restaurant. Each year, you pay $20,000 rent for your restaurant building, $70,000 in wages for your workers, $5,000/year for ingredients, and $3,000/year in utilities. How much revenue would you need to earn each year to be profitable in the eyes of an economist? Let's say you quit your job as an attorney making $100,000/year and you open a burrito restaurant. Each year, you pay $20,000 rent for your restaurant building, $70,000 in wages for your workers, $5,000/year for ingredients, and $3,000/year in utilities. How much revenue would you need to earn each year to be profitable in the eyes of an economist?

Answer rating: 100% (QA)

An economist would consider you profitable when your economic profit is posit... View the full answer