ear, and he pays workers $150,000 in wages. In return, he produces 100,000 baskets of peaches per year, which sell for $3.00 each Suppose the interest rate on savings is 3 percent and that the farmer could otherwise have earned $25,000 as a shoe salesman Vhat is the farmer's economic profit? The peach farmer earns economic profit of $ (Enter your response as an integer.) What is the farmer's accounting profit? The peach farmer eams accounting profit of S (Enter your response as an integer.)

ear, and he pays workers $150,000 in wages. In return, he produces 100,000 baskets of peaches per year, which sell for $3.00 each Suppose the interest rate on savings is 3 percent and that the farmer could otherwise have earned $25,000 as a shoe salesman Vhat is the farmer's economic profit? The peach farmer earns economic profit of $ (Enter your response as an integer.) What is the farmer's accounting profit? The peach farmer eams accounting profit of S (Enter your response as an integer.)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter17: Capital And Time

Section: Chapter Questions

Problem 17.2P

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