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4. Calculating Profits: An entrepreneur takes a one year leave of absence from her job, which pays $70,000 per year, to open a record
4. Calculating Profits: An entrepreneur takes a one year leave of absence from her job, which pays $70,000 per year, to open a record store. It costs $10,000 per year to rent the storefront for the record store, and average variable cost per record is $5. If she is paid $15 per record, what are her economic profits if she sells 10,000 records in a year?
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Step 1 Calculate total revenue Number of records sold Price per record 10000 re...Get Instant Access to Expert-Tailored Solutions
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Advanced Accounting
Authors: Gail Fayerman
1st Canadian Edition
9781118774113, 1118774116, 111803791X, 978-1118037911
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