Walter used to work as a high school teacher for $40,000 per year but quit in order to start his own painting business. to invest in his painting business, he withdrew $20,000 from his savings, which paid 3 percent interest, and borrowed $30,000 from his uncle, whom he pays 3 percent interest per year. last year walter paid $25,000 for supplies and had revenue of $60,000. walter asked tyler the accountant and greg the economist to calculate his painting business's profit.

a. tyler says his profit is $34,100, and greg says his profit is $34,100.

b. tyler says his profit is $25,900, and greg says his profit is $66,500.

c. tyler says his profit is $35,000, and greg says he lost $5,900.

d. tyler says his profit is $34,100, and greg says he lost $6,500.

D) tyler says his profit is $34,100, and greg says he lost $6,500.

Explanation:

Walter's accounting profit = total revenues - total accounting costs = $60,000 - $25,000 - ($30,000 x 3%) = $60,000 - $25,000 - $900 = $34,100

Walter's economic profit = accounting profit - opportunity costs

opportunity costs are the money lost for choosing one investment over another

Walter's opportunity costs = ($20,000 x 3%) + $40,000 = $600 + $40,000 = $40,600

Walter's economic profit = $34,100 - $40,600 = -$6,500

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the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.