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(b) Victoria Enterprise had sales revenue of RM500,000 last year. The company spent RM110,000 on labor, RM65,000 on capital and RM100,000 on materials. Based on

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(b) Victoria Enterprise had sales revenue of RM500,000 last year. The company spent RM110,000 on labor, RM65,000 on capital and RM100,000 on materials. Based on the given situation, (i) What was the company's accounting profit? [2 marks] (ii) If the company's factory sits on land owned by the company that could be rented for RM50,000 per year. What was the company's economic profit last year? [2 marks] (c) The main goal of production is to maximize. [1 mark]

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