used to work as a business manager for a real estate firm earning an annual salary of $100,000. Then Chris decided to quit that job to become a consultant, where he earns $200,000 in total revenue per year. Chris hired an administrative assistant for $55,000 per year and rents office space (utilities included) for $46,000 per year. What is Chris' accounting profit? [Select] What is Chris' economic profit? [Select] Did Chris make the right decision by becoming a consultant? Simply type "Yes" or "No" into the answer box. [Select] What would Chris' economic profit be if he owned the building and no longer had to pay rent? [Select]
used to work as a business manager for a real estate firm earning an annual salary of $100,000. Then Chris decided to quit that job to become a consultant, where he earns $200,000 in total revenue per year. Chris hired an administrative assistant for $55,000 per year and rents office space (utilities included) for $46,000 per year. What is Chris' accounting profit? [Select] What is Chris' economic profit? [Select] Did Chris make the right decision by becoming a consultant? Simply type "Yes" or "No" into the answer box. [Select] What would Chris' economic profit be if he owned the building and no longer had to pay rent? [Select]
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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2
![Chris used to work as a business manager for a real estate firm earning an annual salary of
$100,000. Then Chris decided to quit that job to become a consultant, where he earns
$200,000 in total revenue per year. Chris hired an administrative assistant for $55,000 per year
and rents office space (utilities included) for $46,000 per year.
What is Chris' accounting profit? [Select]
What is Chris' economic profit? [Select]
Did Chris make the right decision by becoming a consultant? Simply type "Yes" or "No" into the
answer box. [Select]
What would Chris' economic profit be if he owned the building and no longer had to pay rent?
[Select]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2b7a8f3-a3fc-4d5a-a5ea-209339057893%2Fca2926cc-cbef-4936-afa9-6312fe70f72f%2Fsnon2u_processed.png&w=3840&q=75)
Transcribed Image Text:Chris used to work as a business manager for a real estate firm earning an annual salary of
$100,000. Then Chris decided to quit that job to become a consultant, where he earns
$200,000 in total revenue per year. Chris hired an administrative assistant for $55,000 per year
and rents office space (utilities included) for $46,000 per year.
What is Chris' accounting profit? [Select]
What is Chris' economic profit? [Select]
Did Chris make the right decision by becoming a consultant? Simply type "Yes" or "No" into the
answer box. [Select]
What would Chris' economic profit be if he owned the building and no longer had to pay rent?
[Select]
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