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Jaynet spends $30,000 per year on painting supplies and storage space

Economics

Jaynet spends $30,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm – one offer was for $110,000 per year. However, she turned the offer down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 each.

a)       Calculate accounting and economic profits
b)      Distinguish between accounting versus economic profits

Option 1

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