Violet purchased a tract of land for $100,000. She quit her $30,000-a-year job as a postal employee and opened a skeet shooting range on her land. The range generates $30,000 in net revenue after all day-to-day expenses have been covered. Assume that the relevant discount rate is 10 percent. What is Violet's business profit? What is her economic profit?

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The Answer of Violet purchased a tract of land for $100,000. She quit her $30,000-a-year job as a postal employee and opened a skeet shooting range on her land. The range generates $30,000 in net revenue after all day-to-day expenses have been covered. Assume that the relevant discount rate is 10 percent. What is Violet's business profit? What is her economic profit?

Violet Purchased a Tract of Land for $100,000