y save as you proceed through the test. Question 2 Fill in the Blanks Answers typed in all of the blanks will be automatically saved. X. x 2 - Erin quit her job, where she earned $90,000 per year, to start her own economic consulting firm. She invested $60,000 of her own funds in furniture, computers, and other assets. During the first year of operation, the firm's costs were $50,000 for rent on the office building, $300,000 for wages and salaries of employees, and $10,000 for supplies and utilities. The market value of the firm's assets at the end of the year was $48,000. During the year, the firm billed its clients for 2,400 hours at $200 per hour. The typical rate of return on financial investments in the economy was 5%. In this scenario, Erin's accounting costs were $ 360000 her cost of capital was 3000 her total costs were $ 453000 her economic profit was $ 27000 and her normal profit was $ 453000 Saved Question 3 Fill in the Blanks Answers typed in all of the blanks will be automatically saved. In the scenario above, if Erin earned $110,000 per year at her previous job, her consulting firm's economic (profit/loss) loss would be $ 50000