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1 If your accounting profit is $60,000, much is your economic profit? If your revenue during the first year of business is $60,000, and you incurred S5,000 in expenses for equipment and supplies, how much is your accounting profit? Your revenue

1 If your accounting profit is $60,000, much is your economic profit? If your revenue during the first year of business is $60,000, and you incurred S5,000 in expenses for equipment and supplies, how much is your accounting profit? Your revenue

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 18RQ: What is deflation?
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Ee the information below to answer questions I through 5. mparation business. To simplify, assume your tax personal obligations are the same whether Aume you gave up a S60,000 per year job at an accounting firm to start your own tax 1. Iryour revenue during the first year of business is $75,000, and you incurred $5.000 in cupenses for equipment and supplies, how much is your accounting profit? If your revenue during the first year of business is $75,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your economic profit? If your accounting profit is S60,000, much is your economice profit? If your revenue during the first year of business is $60,000, and you incurred S5,000 in expenses for equipment and supplies, how much is your accounting profit? your revenue during the first year of business is $60,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your economic profit?
Transcribed Image Text:Ee the information below to answer questions I through 5. mparation business. To simplify, assume your tax personal obligations are the same whether Aume you gave up a S60,000 per year job at an accounting firm to start your own tax 1. Iryour revenue during the first year of business is $75,000, and you incurred $5.000 in cupenses for equipment and supplies, how much is your accounting profit? If your revenue during the first year of business is $75,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your economic profit? If your accounting profit is S60,000, much is your economice profit? If your revenue during the first year of business is $60,000, and you incurred S5,000 in expenses for equipment and supplies, how much is your accounting profit? your revenue during the first year of business is $60,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your economic profit?
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