Dennis, a potato farmer, earns $400,000/month in revenue. His monthly cost include: administrative cost: $30,000, fertilizers: $50,000, equipment and maintenance: $35,000, Labor: $73,000, Transportation: $15,000, Miscellaneous: $10,000, Foregone rent for the land is $20,000, and the owner’s salary is $20,000. Dennis's economic profit is ______. Group of answer choices $147,000 $167,000 $187,000
Dennis, a potato farmer, earns $400,000/month in revenue. His monthly cost include: administrative cost: $30,000, fertilizers: $50,000, equipment and maintenance: $35,000, Labor: $73,000, Transportation: $15,000, Miscellaneous: $10,000, Foregone rent for the land is $20,000, and the owner’s salary is $20,000. Dennis's economic profit is ______. Group of answer choices $147,000 $167,000 $187,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Dennis, a potato farmer, earns $400,000/month in revenue. His monthly cost include: administrative cost: $30,000, fertilizers: $50,000, equipment and maintenance: $35,000, Labor: $73,000, Transportation: $15,000, Miscellaneous: $10,000, Foregone rent for the land is $20,000, and the owner’s salary is $20,000. Dennis's economic profit is ______.
Group of answer choices
$147,000
$167,000
$187,000
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