Joe, runs a shoeshine stand.

Use the question facts in the image to calculate Joe's opportunity cost of

production and his economic profit.

Question Facts 1. Other shoeshine stand operators that Joe knows earn $10,000 a year. . Joe pays rent of $2,000 a year. . His total revenue from shining shoes is $15,000 a yeah . He spent $800 on equipment and used his credit card to buy it. The interest on his credit card balance is 20 percent a year. . At the end of the year, Joe was offered $500 for his business and all its equipment