Question: a ) In 2 0 2 3 , you decided to quit your job at the Bank of Canada and started your own bakery. The

a) In 2023, you decided to quit your job at the Bank of Canada and started your own bakery. The revenue from your bakery in 2023 was $400,000(after tax). You paid $250,000 for the capital you used, and you were the only employee. Your after-tax salary from the Bank of Canada would have been $150,000. Which of the following is CORRECT? a) Your accounting profit was $150,000 and you made no economic profit. b) Your accounting and economic profits were $150,000. c) Your economic profit was $150,000 and you made no accounting profit. d) You made no accounting or economic profits.

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