Use the table below to calculate the accounting and economic profit for Abner's Apple Art. Item   Amount Total revenue   $250 Costs Apples $30   Utilities $20   Lease $21         Abner's forgone wages $80 Numbers in the table are in thousands What is Abner's Apple Art's accounting profit? Accounting profit = $   thousand What is Abner's Apple Art's economic profit? Economic profit = $   thousand

Principles of Economics 2e
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ISBN:9781947172364
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Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
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Use the table below to calculate the accounting and economic profit for Abner's Apple Art.

Item   Amount
Total revenue   $250
Costs Apples $30
  Utilities $20
  Lease $21
     
  Abner's forgone wages $80

Numbers in the table are in thousands

What is Abner's Apple Art's accounting profit?
Accounting profit = $
 
thousand
What is Abner's Apple Art's economic profit?
Economic profit = $
 
thousand
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