1. A firm earning zero economic profits is probably suffering losses from the standpoint of general accounting principles. Do you agree or disagree with this argument? Explain why. 2. The data in the table represents annual costs and revenue for Ted's Vintage Threads. a used clothing store in Key West, Florida. Ted works 72 hours a week at the store. He also owns the building that houses his business, and if he closed the store. he could rent out the building for $5,000 per vear and go to work for his cross-town rival. Cassie's Classic Couture and earn a salary of $23,000 per year. Calculate the economic profit and economic cost for Ted's Vintage Threads. Are these figures the same as the accounting cost and accounting profit? Explain. Wages Paid 38,000 Interest Paid on Loans 6,000 Other Expenditures for Factors of Production 18,000 Total Revenue 132.000 3. Use the information in the graph to find the values for the following costs at an output level of 500. a. Total fixed cost b. Total variable cost c. Total cost a. Marginal cost J '13 J clout of 2mm