used to work as a business manager for a real estate firm earning an annual salary of $100,000. Then Chris decided to quit that job to become a consultant, where he earns $200,000 in total revenue per year. Chris hired an administrative assistant for $55,000 per year and rents office space (utilities included) for $46,000 per year. What is Chris' accounting profit? [Select] What is Chris' economic profit? [Select] Did Chris make the right decision by becoming a consultant? Simply type "Yes" or "No" into the answer box. [Select] What would Chris' economic profit be if he owned the building and no longer had to pay rent? [Select]

used to work as a business manager for a real estate firm earning an annual salary of $100,000. Then Chris decided to quit that job to become a consultant, where he earns $200,000 in total revenue per year. Chris hired an administrative assistant for $55,000 per year and rents office space (utilities included) for $46,000 per year. What is Chris' accounting profit? [Select] What is Chris' economic profit? [Select] Did Chris make the right decision by becoming a consultant? Simply type "Yes" or "No" into the answer box. [Select] What would Chris' economic profit be if he owned the building and no longer had to pay rent? [Select]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Tammy quit her job as a math teacher making $70,000 per year to start her own online business. The first-year revenue totaled to $200,000. During the first year of online business, Tammy paid $50,000 for the office rent and $20,000 for utilities and supplies. What is the amount of accounting profit generated from Tammy’s online business? $60,000 $200,000 $130,000 $70,000
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(Figure: Profit Margin 3) JoJo's company data is in the graph below. JoJo would earn a profit:
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