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Situation 22-4Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $200,000 ...

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Situation 22-4Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $200,000 ...

Situation 22-4

Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $200,000 in total revenues and paid $125,000 to his employees and suppliers. During the course of the year, he received three offers to work for other barbers, with the highest offer being $50,000 per year.

Refer to Situation 22-4. Is Joe earning a normal profit?

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No, he is earning an above-normal profit.

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No, but he is earning an accounting profit and that is all that matters.

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Yes, but his economic profit is $0 and that is not good.

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We cannot be sure, because "normal" profit is a subjective judgment.

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No, his economic profit is negative.

Textbook

Economics

Edition: 12^th

Author: Arnold

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