The table below provides the annual revenues and costs for a family-owned firm producing catered meals.
| Total Revenues ($) | 500 000 |
| | |
| Total Costs ($) | |
| - wages and salaries | 200 000 |
| - risk-free return of 6% on owners' capital of 250 000 | 15 000 |
| - rent | 105 000 |
| - depreciation of capital equipment | 25 000 |
| - risk premium of 8% on owners' capital of 250 000 | 20 000 |
| - intermediate inputs | 150 000 |
| - forgone wages of owners in alternative employment | 80 000 |
| - interest on bank loan | 10 000 |
TABLE 7-1
Refer to Table 7-1. To an accountant, this family-owned catering company is earning ________. To an economist, the same firm is earning ________.
◦ economic profits; economic losses
◦ zero profit; economic losses
◦ zero profit; normal profits
◦ positive profits; economic losses
◦ economic profits; economic profits
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