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Melissa can work for the local grocery store and earn $35,000 a year. Instead, …

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Wize University Microeconomics Textbook > Economic Concepts

Accounting and Economic Costs/Profit

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Melissa can work for the local grocery store and earn $35,000 a year. Instead, she runs her own business making revenue of $80,000. Her expenses in running her business are $12,000 for rent and equipment, and $20,000 to pay her workers. What are her accounting and economic profits?
More Accounting and Economic Costs/Profit Questions:
Compared to accounting profits, economic profit is ___________ because accounting profit takes into account ___________ while economic profit takes into account ___________.
Melissa can work for the local grocery store and earn $35,000 a year. Instead, she runs her own business making revenue of $80,000. Her expenses in running her business are $12,000 for rent and equipment, and $20,000 to pay her workers. What are her accounting and economic profits?
Melissa can work for the local grocery store and earn $35,000 a year. Instead, she runs her own business making revenue of $80,000. Her expenses in running her business are $12,000 for rent and equipment, and $20,000 to pay her workers. What are her accounting and economic profits?