21. Sandy owns a firm with annual revenues of $1,000,000. Wages, rent, and other costs are $900,000. a. Sandy's accounting profit is $ 100000 b. Suppose that instead of being an entrepreneur, Sandy could get a job with one of the following annual salaries (i) $50,000; (ii) $100,000; or (iii) $250,000. Assume that a job would be as satisfying to Sandy as being an entrepreneur. Sandy's economic profit under scenario (i) is $ Sandy's economic profit under scenario (ii) is $ Sandy's economic profit under scenario (iii) is $

21. Sandy owns a firm with annual revenues of $1,000,000. Wages, rent, and other costs are $900,000. a. Sandy's accounting profit is $ 100000 b. Suppose that instead of being an entrepreneur, Sandy could get a job with one of the following annual salaries (i) $50,000; (ii) $100,000; or (iii) $250,000. Assume that a job would be as satisfying to Sandy as being an entrepreneur. Sandy's economic profit under scenario (i) is $ Sandy's economic profit under scenario (ii) is $ Sandy's economic profit under scenario (iii) is $

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 7SQ

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