An economist left her $100,000-a-year teachingposition to work full-time in her own consultingbusiness. In the first year, she had total revenueof $200,000 and business expenses of $150,000.She made ana. implicit profit.b. economic loss.c. economic profit.d. accounting loss but not an economic loss.

An economist left her $100,000-a-year teachingposition to work full-time in her own consultingbusiness. In the first year, she had total revenueof $200,000 and business expenses of $150,000.She made ana. implicit profit.b. economic loss.c. economic profit.d. accounting loss but not an economic loss.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter23: Profit Maximization

Section: Chapter Questions

Problem 15E

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