This topic contains a solution. Click here to go to the answer

Author Question: Refer to Scenario 7.1 below to answer the question(s) that follow. SCENARIO 7.1: You are the owner ... (Read 262 times)

misspop

  • Hero Member
  • *****
  • Posts: 540

Refer to Scenario 7.1 below to answer the question(s) that follow. 

SCENARIO 7.1: You are the owner and only employee of a company that writes computer software that is used by gamblers to collect sports data. Last year you earned a total revenue of $90,000. Your costs for equipment, rent, and supplies were $60,000. To start this business you invested an amount of your own capital that could pay you a return of $40,000 a year. 





Refer to Scenario 7.1. Your economic profit last year was


◦ -$40,000.
◦ -$10,000.
◦ $10,000.
◦ $30,000.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question



 

Did you know?

Opium has influenced much of the world's most popular literature. The following authors were all opium users, of varying degrees: Lewis Carroll, Charles, Dickens, Arthur Conan Doyle, and Oscar Wilde.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

For a complete list of videos, visit our video library