Kristin runs a rare book store. Last year, she earned $35,000 in revenue and had explicit costs of $8,000. Kristin could have made$29,750 working for a security company and received an additional $5,000 if she had used the company's inputs in a differentway. Calculate Kristin's economic profit.$

In order to calculate Kristin's economic profit, we need to consider her revenue, explicit costs,…

Answered: Kristin runs a rare book store. Last…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter22: Supply: The Costs Of Doing Business

Section: Chapter Questions

Problem 14E

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Kristin runs a rare book store. Last year, she earned $35,000 in revenue and had explicit costs of $8,000. Kristin could have made $29,750 working for a security company and received an additional $5,000 if she had used the company's inputs in a different way. Calculate Kristin's economic profit. $