Suppose an assistant professor of economics is earning a salary of $75,000 per year. One day she quits her job, withdraws $80,000 from a bank certificate of deposit (CD) that had been earning percent per year, and uses the funds to open a bookstore. At the end of the year, she shows an accounting profit of $95,000 on her income tax return. What is her economic profit? Her economic profit for the year is?

Suppose an assistant professor of economics is earning a salary of $75,000 per year. One day she quits her job, withdraws $80,000 from a bank certificate of deposit (CD) that had been earning percent per year, and uses the funds to open a bookstore. At the end of the year, she shows an accounting profit of $95,000 on her income tax return. What is her economic profit? Her economic profit for the year is?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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