Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm, you passed on a job offer with a large accounting firm that offered you a salary of RM60,000 annually. Last year you earned a total revenue of RM100,000. Rent and supplies last year were RM50,000.

2.1) Your annual economic costs are __________. (1M)

2.2) Your annual economic profit is __________. (1M)

2.3) Your annual accounting profit is __________. (1M)

2.4) Based on the above information, describe the condition of your firm. (2M)

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