Shannon recently began running her mother's newspaper. Last month she took in $5,000 in revenue and paid $3,400 in out-of-pocket costs. Did the newspaper make an economic profit last month? Definitely not. Yes. After considering non-zero explicit and implicit costs, it is clear that her profit is exactly equal to $1,600. Without knowing the magnitude of implicit costs, it is not possible to state whether the newspaper earned an economic profit last month. Yes, after factoring implicit costs, it is clear that her profit will exceed $1,600.