A firm had sales revenue of $1 million lastyear .Its pent $600,000 on labor,$150,000 on capitaland $200,000on materials. What was the firm’s accounting profit? the firm’s factory sits on land owned by the firm that it could rent for $30,000 per year. What was the firm’s economic profit last year?

A firm had sales revenue of $1 million lastyear .Its pent $600,000 on labor,$150,000 on capitaland $200,000on materials. What was the firm’s accounting profit? the firm’s factory sits on land owned by the firm that it could rent for $30,000 per year. What was the firm’s economic profit last year?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 15E

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