Harvey develops gaming apps from home instead of working as an engineer and earning $50,000 a year. He has invested $20,000 to upgrade to the hardware that he needs and estimates his expenses at $17,000 a year. Downloads generated $130,000 in revenue during the first year. What is his economic profit

Economic profit =$43,000

Explanation:

Accounting profit is the difference between revenue from from production or service activities and the expenditures incurred.

On the other hand, economic profit includes accounting profit plus opportunity cost. Opportunity cost is the value of the benefits sacrificed in favour of a decision.  

For example, the salary of $50,000 forfeited by Harvey in favor of his decision to become an entrepreneur is an example of opportunity cost

Economic profit = Accounting profit- opportunity cost

Accounting profit = Revenue - cost

Accounting profit = 130,000 - (20,000 + 17,000) = 93,000

Economic profit =  93,000  - 50,000 =$43000

Economic profit =$43,000

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