Suppose winston's annual salary as an accountant is $60,000, and his financial assets generate $4,000 per year in interest. one day, after deciding to be his own boss, he quits his job and uses his financial assets to establish a consulting business, which he runs out of his home. to run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. what are winston's economic profits

Economic profit is calculated as:

Economic profit = Total Revenues – Total Cost

Total cost both includes explicit and implicit cost. In this case, the explicit cost is $8,000 while the implicit cost is $64,000. Explicit cost is a direct payment made to run the business while implicit cost is the opportunity as accountant that is lost. Therefore,

Economic profit = $150,000 – ($8,000 + $64,000)

Economic profit = $78,000

so i don't know what video you're talking about, but here's some stuff steve jobs gave as advice.

- love what you do.

- the worst thing that could happen might turn out to be the best thing that could happen.

- follow your heart and trust it knows where it's going.

match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability