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

Revenues $200,000 Labor costs 140,000 Land costs 10,000 Debt costs 20,000 Equity costs 50,000

a. Joe’s profit was .

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

c. Based on Joe’s results, other people are

(likely, unlikely) to open new restaurants like Joe’s.

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