Answer each of the following questions and don't forget to indicate the sign (positive or negative).
A seller earns $500,000 in total revenue. Their implicit costs of production are $54,000 and their explicit costs of
production are $154,000. How much economic profit did they earn?
$
Suppose that a firm produces 400 units a year and sells them all for $400 each. The explicit costs of production are
$95,000 and the implicit costs of production are $67,000. How much is the firm's accounting profit?
$
Jody is the owner of a photography company. Last year, their total revenue was $400,000, their rent was $46,000, their
labor costs were $57,000, and their overhead expenses were $145,000. Jody could earn $103,000 per year working at
another nearby photography company. From this information, we know that their accounting profit was:
$
