capital and $162 million on materials. The firm's factory sits on land owned by the firm that could be rented out for $2 million per year. What was the firm's economic profit last year in millions of dollars? (Do not include the word "million" or the dollar symbol in your answer, just a number.)
capital and $162 million on materials. The firm's factory sits on land owned by the firm that could be rented out for $2 million per year. What was the firm's economic profit last year in millions of dollars? (Do not include the word "million" or the dollar symbol in your answer, just a number.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![A firm had sales revenue of $942 million last year.
It spent $463 million on labor, $88 million on
capital and $162 million on materials. The firm's
factory sits on land owned by the firm that could
be rented out for $2 million per year. What was the
firm's economic profit last year in millions of
dollars? (Do not include the word "million" or the
dollar symbol in your answer, just a number.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa59782f-78b6-4726-aae8-40ef74ab2b6b%2F2af92215-27e6-4f9e-839f-e9feda48705f%2Fka6e6xs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A firm had sales revenue of $942 million last year.
It spent $463 million on labor, $88 million on
capital and $162 million on materials. The firm's
factory sits on land owned by the firm that could
be rented out for $2 million per year. What was the
firm's economic profit last year in millions of
dollars? (Do not include the word "million" or the
dollar symbol in your answer, just a number.)
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