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A business owner makes 1000 items a day. Each day she spends 8 hours producing those items. If hired, elsewhere she could have earned $250 an hour. The item sells for $15 each. Production occurs seven days a week. If the explicit costs total $150,000 per month, what is her economic profit? a. ​$60,000 b. ​$300,000 c. ​$240,000 d. ​$450,000

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Answer:

c. ​$240,000

Explanation:

Her economic profit is given by her revenue deducted by the explicit costs (I=$150,000) and implicit costs (opportunity cost).

Her monthly revenue is:

[tex]R=1,000\ (items/day)*30\ days*\$15/item\\R = \$450,000[/tex]

Her opportunity cost is:

[tex]O = 30\ days* 8\ (hours/day)*\$250/hour\\O=\$60,000[/tex]

Her economic profit is:

[tex]P = R-I-O\\P=\$450,000-\$150,000-\$60,000\\P=\$240,000[/tex]

The answer is c. ​$240,000.

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