Using the following data:

Jane quit her job at AC transit where she earned $48,000 a year to start a commuter service. She sold $60,000 of bonds she owned, which earned 5% interest annually, to buy a mini-bus. The business' revenue comes from 1000 people who paid $500 each for a year of commuter service. Each person costs Jane $450 per year for gas, insurance, etc.

What are Jane's accounting profits in her first year?

1. $110,000

2. $ 50,000

3. - $ 1,000 (loss)

4. - $ 10,000 (loss)

Pick one of the four amounts above and answer in the text box below. Please make out the amount in dollars just to be clear.

Using the following data (which is the same as the data in question #21):

Jane quit her job at AC transit where she earned $48,000 a year to start a commuter service. She sold $60,000 of bonds she owned, which earned 5% interest annually, to buy a mini-bus. The business' revenue comes from 1000 people who paid $500 each for a year of commuter service. Each person costs Jane $450 per year for gas, insurance, etc.

What are Jane's total implicit costs per year? Please answer in the text box below.

What are Jane's economic profit (or loss) in a year? Use your answers from 21 and 22 for your calculation.

Please look at the short-run equilibrium below for a monopolistically competitive firm. Which of the following charts best shows the show the quantity of output q* that would maximize the firm's profits (or minimize its losses) in the short run? Then mark (A), (B), (C), or (D) in the text box below.