Paul operates a cattle farm in Kansas. Last year he earned $40,000 in total revenue while incurring $38,000 in explicit costs. He could have earned $30,000 as a teacher. These are all his revenue and costs. Therefore Paul earned an Question 2 options: accounting profit of $2,000 and an economic profit of $32,000. accounting profit of $10,000 but incurred an economic loss of $28,000. accounting profit of $2,000 but incurred an economic loss of $28,000. economic profit of $2,000