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Taxable Income.
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Answer:
-$475,000
Explanation:
Total revenue = Baskets of peaches × Price
= 100,000 × $3
= $300,000
Explicit cost:
= Rent equipment + wages
= $100,000 + $100,000
= $200,000
Implicit cost:
= Land × Interest + salesman earned
= $1,000,000 × 0.55 + $25,000
= $575,000
Total cost = Explicit cost: + Implicit cost
= $200,000 + $575,000
= $775,000
Economic profit = Total revenue - Total cost
= $300,000 - $775,000
= -$475,000
Answer:
a collection of screen names, like on your phone where you keep all your friends' phone number
