During a particular year, a consulting firm has the following costs: $550,000 in wages and salaries paid to employees; $71,000 in rental payments for office space; and $26,000 for office supplies, advertising, and utilities. In addition, Eleanor, he owner of the firm, works for the firm full time (and is not paid a salary, since she gets the firm's profit). If she did not work for the consulting firm, Eleanor could earn $115,000 per year working as a consultant for another firm.
For each possible amount of total revenue, fill in the accounting profit and economic profit of the consulting firm.
Total Revenue ($) Accounting Profit ($) Economic Profit ($)
750,000
800,000
850,000
900,000
Answers: 1
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During a particular year, a consulting firm has the following costs: $550,000 in wages and salaries...
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