7. Suppose a Professor leaves his job at a university to open his own consulting firm. As a Professor, he earned $80,000 a year. To run his consulting firm, he needs to pay a total of $50,000 in form of salary to junior consultants, office premises and utilities. His total revenue is $110,000. Calculate: a) Accounting profit b) Economic profit c) Should he shut down his consulting firm?

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Q: Explain by giving example the meaning of Economic profit

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Q: 4. What is the total cost of producing 100 units of output? 5. How much profit was made?

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Q: Q1. Pizzas sell for $13 each. Pat's cost of producing pizzas is given below. Complete the table:…

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A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

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Q: 13. A graph is given below for the cost and the revenue functions. Assume that each (vertical and…

A: We are going to answer this question using provided graph.

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Q: What are fixed costs?  What are variable costs?

A: Hi student, As per the guideline we are providing answer for one question. Since you are requested…

Q: Explain by giving example the meaning of Economic profit

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Q: Answer the attached question

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