Scenario 5.1 A dentist's practice is organized as a sole proprietorship. Last year the dentist's total revenue was $320.000 and total costs were $250,000. The dentist left a job paying $112,000 a year to start the sole proprietorship. Question: According to the information in Scenario 5.1, how much accounting profit did the dentist make last year? O $320,000 O $70,000 O $208.000 O $112,000

Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
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Problem 40P: Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from...
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Scenario 5.1
A dentist's practice is organized as a sole proprietorship. Last year the dentist's tota
revenue was 5320,000and totalcosts were5250.000.The dentist left a Job paving
$112,000 ayear to start the sole proprietorship,
Question: According to the information in Scenario 5.1, how much accounting profit
did the dentist make last year?
O $320.000
O S70.000
O $208.000
O $112.000
Transcribed Image Text:Scenario 5.1 A dentist's practice is organized as a sole proprietorship. Last year the dentist's tota revenue was 5320,000and totalcosts were5250.000.The dentist left a Job paving $112,000 ayear to start the sole proprietorship, Question: According to the information in Scenario 5.1, how much accounting profit did the dentist make last year? O $320.000 O S70.000 O $208.000 O $112.000
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