As a waiter you earn $60,000 per year, including tips. Someone offers you a new job as
Question:
As a waiter you earn $60,000 per year, including tips. Someone offers you a new job as an economic consultant, which pays $100,000 per year. To be a consultant, you'll need to rent an office, purchase supplies, and new computer equipment. We can conclude which of the following?
Choose one:
A. If the explicit cost for the consulting job is $20,000 per year, your economic profit is equal to $80,000.
B. If the explicit cost for the consulting job is $30,000 per year, your accounting profit is equal to $10,000.
C. If the explicit cost for the consulting job is $25,000 per year, your economic profit is equal to $15,000.
D. If the explicit cost for the consulting job is $20,000 per year, your accounting profit is equal to $20,000.
Basic Statistics for the Behavioral Sciences
ISBN: 978-0840031433
6th edition
Authors: Gary W. Heiman