Dr.Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental Clinic.His revenues for the first year are $500,000.He paid $90,000 in rent for the dental office,$60,000 for his office manager's salary,$24,000 for the dental hygienist,$150,000 for insurance,and $6,000 for other miscellaneous costs.The normal profit from running his business is $20,000.
A) His accounting profit is $350,000.
B) His economic profit is $150,000.
C) His economic profit is zero.
D) His accounting profit is zero.
E) None of the above answers is correct.
Correct Answer:
Verified
Q25: April quit her job as an accountant
Q26: Which of the following is an implicit
Q27: Which of the following is true?
A) Profit
Q28: A normal profit is
A) part of a
Q29: In economics,a "normal profit" is the return
Q31: The return to entrepreneurship is known as
A)
Q32: Suppose a firm's total revenue is $1,000,000.The
Q33: Which of the following are correct statements
Q34: Economic depreciation is the
A) fall in value
Q35: Interest is considered a(n)
A) explicit cost when
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents