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Suppose that a small Rolled Ice Cream store had revenues of $275,000 in a given year. The owner spent $17,575 on utilities, $78,000 on supplies

Suppose that a small Rolled Ice Cream store had revenues of $275,000 in a given year. The owner spent $17,575 on utilities, $78,000 on supplies (milk, vanilla, flavorings, toppings, cups, spoons, etc.), and $66,000 on equipment (ice cream maker, cold stone , mixers, ovens,etc.), including maintenance. The owner could have earned $83,000 working as a computer programmer. What is the accounting profit for the Rolled Ice Cream Store? What is the economic profit? What is the difference between these two profits?

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