Suppose a firm has an annual costs of $200,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 in rent, and $35,000 in interest costs on capital. The owner/manager does not choose to pay himself, but he could receive income of $90,000 by working elsewhere. The firm earns revenues of $460,000 per year. What are the annual economic profits for the firm described above
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Suppose a firm has an annual costs of $200,000 in wages and salaries, $75,000 in materials, $30,000...
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