2. Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $1 50,000. Tom's explicit cost during the year totaled S85,000. What is Tom's economic profit for his first year in business? A SO b.$20,000 e. S65,000 d. $85.000

2. Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $1 50,000. Tom's explicit cost during the year totaled S85,000. What is Tom's economic profit for his first year in business? A SO b.$20,000 e. S65,000 d. $85.000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2
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