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Home Q & A Board Other Fields Homework Help Business Economics
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PaulKet PaulKet
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6 years ago
A lawyer running his own business earns $18,000 in revenue monthly. He pays $8,000 as explicit costs including staff salary and utilities. He owns the office space so no rent is paid.. The lawyer could work for other legal firms and earn $10,000 per month. His business profit is ________ and his economic profit is ________.
A) $10,000, $10,000
B) $28,000, $10,000
C) $10,000, $0
D) $8,000, $0
Textbook 
Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
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forrestforrest
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PaulKet Author
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riptide
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Correct Slight Smile TY
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