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Question: Suppose a firm has the following expenditures per day: $150 for wages and salaries, $50 for materials, $40 for equipment, and $30 for rent. The owner-manager does not draw a salary but could receive income of $40 per day by working elsewhere. Total daily revenue is $400. What is the economic profit for this firm?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M93136386

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