Menard quit his high school teaching job, which paid $60,000 per year, to start a business that prepares students for the SAT exam. His first year in business generated the following revenues and costs:
a. What is Menard's economic cost of SAT preparation?
b. What is Menard's accounting profit?
c. What is Menard's economic profit?

Question

Menard quit his high school teaching job, which paid $60,000 per year, to start a business that prepares students for the SAT exam. His first year in business generated the following revenues and costs:  
a. What is Menard's economic cost of SAT preparation?
b. What is Menard's accounting profit?
c. What is Menard's economic profit?

Quizplus · Accepted Answer

The Answer of Menard quit his high school teaching job, which paid $60,000 per year, to start a business that prepares students for the SAT exam. His first year in business generated the following revenues and costs:  
a. What is Menard's economic cost of SAT preparation?
b. What is Menard's accounting profit?
c. What is Menard's economic profit?

Menard Quit His High School Teaching Job, Which Paid $60,000