Janet spends $30,000 per year on painting supplies
and storage space. She recently received two job offers from a famous marketing firm---one offer was for $110,000 per year, and the other was for $80,000. However, she turned both jobs down to continue a painting career. If Janet sells 25 paintings per year at a price of $8,000 each:
What is her accounting profits?
What is her economic profits?
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Answer:
Her accounting profit will 36000
Her Economic profit will 25000
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