An economist left her $100,000-a-year teachingposition to work full-time in her own consultingbusiness. In the first year, she had total revenueof $200,000 and business expenses of $150,000.She made ana. implicit profit.b. economic loss.c. economic profit.d. accounting loss but not an economic loss.
An economist left her $100,000-a-year teachingposition to work full-time in her own consultingbusiness. In the first year, she had total revenueof $200,000 and business expenses of $150,000.She made ana. implicit profit.b. economic loss.c. economic profit.d. accounting loss but not an economic loss.
Chapter23: Profit Maximization
Section: Chapter Questions
Problem 15E
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An economist left her $100,000-a-year teaching position to work full-time in her own consulting business. In the first year, she had total revenue of $200,000 and business expenses of $150,000. She made an a. implicit profit. b. economic loss. c. economic profit. d. accounting loss but not an economic loss. |
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