8. Last year, the accountant for Joe’s Gourmet Hamburgers gave Joe the following information:

Revenues Labor costs Land costs Debt costs Equity costs

$200,000 140,000 10,000 20,000 50,000

a. Joe’s economic profit was .

b. Joe received a (negative,positive, zero) economic profit.

c. Based on Joe’s results, other people are (likely,unlikely)toopennew restaurants like Joe’s.

d. How much more revenue does Joe need to receive a normal profit, assuming his costs don’t change? .