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Joseph is a college student who works during summer to pay for tuition. Last summer he worked at a fast-food restaurant and earned $2,500. This

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Joseph is a college student who works during summer to pay for tuition. Last summer he worked at a fast-food restaurant and earned $2,500. This summer he is working as a painter and will earn $4,000. To do the painting job, Joseph had to spend $200 on supplies. Questions: 1. What is Joseph's accounting profit? 2. If working at the fast-food restaurant was Joseph's next- best alternative, how much economic profit will Joseph earn from painting? 3. Suppose that Joseph can get an internship at an investment bank. The internship provides a stipend of $3,000 and tangible work experience that will help him get a job after graduation. Should Joseph take the painting job or the internship

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