2. Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $1 50,000. Tom's explicit cost during the year totaled S85,000. What is Tom's economic profit for his first year in business? A SO b.$20,000 e. S65,000 d. $85.000
2. Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $1 50,000. Tom's explicit cost during the year totaled S85,000. What is Tom's economic profit for his first year in business? A SO b.$20,000 e. S65,000 d. $85.000
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 6PA: A firm in a competitive market receives 500 in total revenue and has marginal revenue of 10. What is...
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