Jim’s Consulting is owned by James Smith.  For the past year, Jim’s Consulting had the following revenues and costs →   Revenues $600,000 Supplies $20,000 Electricity and water $10,000 Employees’ salaries $300,000 Jim’s salary $250,000 James has the option of shutting down and renting the building he owns for $60,000 per year.  Additionally, James could work for a larger consulting house for $275,000 per year. Answer the following: What is Jim’s Consulting’s accounting cost? What is Jim’s Consulting’s economic cost? What is Jim’s Consulting’s economic profit?

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