Cecilia is a stockbroker who earned $150,000 in 2016. At the beginning of 2017, Cecilia wanted to pursue a new career so she quit her job and became a personal trainer. In her first year, she made total revenue of $75,000. The information at the right gives details of Cecilia's first year in the personal trainer business. What is Cecilia's economic profit? Cecilia's economic profit is $ >>> If Cecilia incurs an economic loss, indicate that loss with a minus sign. Do not use a plus sign to indicate an economic profit. Question Facts 1. Cecilia leased gym equipment for $5,000 and paid $500 for gym clothes and other supplies. 2. She withdrew $5,000 from her savings account that paid 3 percent a year. 3. Economic depreciation during the year was $1,000. 4. Normal profit is $10,000.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
Cecilia is a stockbroker who earned $150,000 in 2016.
At the beginning of 2017, Cecilia wanted to pursue a new career so she quit her job
and became a personal trainer.
In her first year, she made total revenue of $75,000.
The information at the right gives details of Cecilia's first year in the personal trainer
business.
What is Cecilia's economic profit?
Cecilia's economic profit is $
>>> If Cecilia incurs an economic loss, indicate that loss with a minus sign. Do not use
a plus sign to indicate an economic profit.
Question Facts
1.
Cecilia leased gym equipment for $5,000 and paid
$500 for gym clothes and other supplies.
2. She withdrew $5,000 from her savings account that
paid 3 percent a year.
3. Economic depreciation during the year was $1,000.
4. Normal profit is $10,000.
Transcribed Image Text:Cecilia is a stockbroker who earned $150,000 in 2016. At the beginning of 2017, Cecilia wanted to pursue a new career so she quit her job and became a personal trainer. In her first year, she made total revenue of $75,000. The information at the right gives details of Cecilia's first year in the personal trainer business. What is Cecilia's economic profit? Cecilia's economic profit is $ >>> If Cecilia incurs an economic loss, indicate that loss with a minus sign. Do not use a plus sign to indicate an economic profit. Question Facts 1. Cecilia leased gym equipment for $5,000 and paid $500 for gym clothes and other supplies. 2. She withdrew $5,000 from her savings account that paid 3 percent a year. 3. Economic depreciation during the year was $1,000. 4. Normal profit is $10,000.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Marginal Benefit and Marginal Cost
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education