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04-11-2022
Business

Answered

suppose you quit your job, which paid you $50,000 per year, so that you could start your own business. in the first year you received $160,000 in total revenue and spent $40,000 on employee wages, $20,000 on supplies, $40,000 on rent and $5,000 to the government for taxes. you also used $20,000 from your personal savings to buy equipment for your business, which was earning 5 percent interest each year. at the end of the year, the market price for the equipment was $18,000. given only this information, what is your economic profit?

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