Hillary starts her own business. she quits her $50,000 a year job, rents an office for $15,000 a year, pays wages and salaries of $50,000 a year, utilities of $4,000 a year, and materials of $20,000. she uses her own car for sales work rather than leasing an equivalent car for $6000 a year. if revenues are $140,000, her accounting profit and economic profit are respectively and .

accounting profit =$ 51,000

Economic profit = $ 7000

Step-by-step explanation:

In economic profit we consider opportunity cost opportunity cost is next best alternative for gone.

Economic profit =140,000 - 50,000 - 50,000 - 15,000 - 4000 - 20,000 + 6000            

                           = $ 7000

In accounting profit we do not consider opportunity cost.

hence,

accounting profit = 140,000 - 50,000 - 15,000 - 4000 - 20,000

                            = $ 51,000

option 1

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step-by-step explanation: