An individual leaves a college faculty, where she was earning $80,000 a year, to begin a new
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An individual leaves a college faculty, where she was earning $80,000 a year, to begin a new venture. She invests her savings of $20,000, which were earning 10 percent annually. She then spends $40,000 renting office equipment, hires two students at $30,000 a year each, rents office space for $24,000, and has other variable expenses of $80,000. At the end of the year, her revenues are $400,000. What are her accounting profit and her economic profit for the year?
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The accounting profit is equal to revenue minus explicit costs This is 400000 mi...View the full answer
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