I get $200 revenue from the sale of my product each day. I rent the factory that I use for $90 a day. The raw materials of the operation cost $115 a day. I do all the work myself. Both jobs are equally attractive as far as the work is concerned. Recently, a competitor offered me $30 a day to work for him. My accounting profit is , and my economic profit is .

Accounting loss of $5

Economic loss of $35

Explanation:

Accounting profit is the net of revenue and Explicit cost. Explicit costs are the cost which actually incurred or paid.

On the other hand the economic profit is the net of revenue, Explicit and Implicit costs. Implicit value is the opportunity costs of choosing the alternative.

Implicit cost = $30

Explicit cost = 90 + 115 = $205

Accounting Profit = Revenue - Explicit costs = $200 - $205 = ($5)

Economic Profit = Revenue - Explicit cost - Implicit cost = $200 - $205 - $30

Economic Profit = ($35)

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.