Fred's bar and grill hires you to determine the company's status given annual cost and revenue data below.

Quiz 4 1. Fred's Bar and Grill hires you to determine the company's status given annual cost and revenue data below. Wages $85,000 Interest on loans 7,000 Cost of other inputs 67,000 Total revenue 250,000 Fred spends at least 40 hours a week working at the bar. If he closed the bar, he could earn a salary of $30,000 a year. He also owns the building that houses the bar and could rent it out for $24,000 a year. Calculate his: a. economic cost b. economic profit