Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3 question #3 2 points eBook Prim +1 Chack my work Peter owns a small business in Cape Town, South Africa. Peter pays rent worth
3 question #3 2 points eBook Prim +1 Chack my work Peter owns a small business in Cape Town, South Africa. Peter pays rent worth $5,000 per year for the building he runs his small business. He also spends $25,000 per year on office supplies and other material Inputs. He has three workers who he pays $10,000 a year each. Peter invested $70,000 of his own money in the business that he runs which could have earned him $5,000 if he had invested it in the stock market. Before opening his small business, Peter eamed $30,000 per year to working for a smal business owned by his friend. Peter earns $80,000 in total annual revenue from sefing products produced by his small business. Based on this information, Peter's econ proft is $. Please do not input the $ sign. If your answer is $100, please input 100 in the box below References Numeric Response
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started