(Answered) Question continuing from exercise the firms factory sits on

Economics

Question: Continuing from Exercise, the firm's factory sits on land owned by the firm that could be rented out for $30,000 per year. What was the firm's economic profit last year?

Exercise: A firm had sales revenue of $1 million last year. It spent $600,000 on labor, $150,000 on capital and $200,000 on materials. What was the firm's accounting profit?

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