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point(s) possible An individual leaves a college faculty, where she was earning $60,000 a year, to begin a new venture. She invests her savings of
point(s) possible An individual leaves a college faculty, where she was earning $60,000 a year, to begin a new venture. She invests her savings of $45,000, which were earning 7 percent annually. She then spends $25,000 renting office equipment, hires two students at $24,000 a year each, rents office space for $14,000, and has other variable expenses of $38,000. At the end of the year, her revenues are $185,000. Her accounting profit is $ Her economic profit is $
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