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Tom economic profit

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Reference no: EM131253918

Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $150,000. Tom's explicit cost during the year totaled $85,000. What is Tom's economic profit for his first year in business if there were no other costs?

  • $0
  • $20,000
  • $65,000
  • $85,000

Reference no: EM131253918

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