Kristin runs an antiques store. Last year, she earned $35,000 in revenue and had explicit costs of $8,000. Kristin could have made $35,000 testing information security equipment and received an additional $2,000 if she had used the company's inputs in a different way. Calculate Kristin’s economic profit.
Kristin runs an antiques store. Last year, she earned $35,000 in revenue and had explicit costs of $8,000. Kristin could have made $35,000 testing information security equipment and received an additional $2,000 if she had used the company's inputs in a different way. Calculate Kristin’s economic profit.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 1SQ
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Kristin runs an antiques store. Last year, she earned $35,000 in revenue and had explicit costs of $8,000. Kristin could have made $35,000 testing information security equipment and received an additional $2,000 if she had used the company's inputs in a different way. Calculate Kristin’s economic profit.
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