In a given year, a marketing firm has the following costs: $500,000 in wages and...
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Accounting
In a given year, a marketing firm has the following costs: $500,000 in wages and salaries paid to employees; $72,000 in rental payments for office space; and $25,000 for office supplies, advertising, and utilities. In addition, Deborah, the owner of the firm, works for the firm full time (and is not paid a salary, since she receives the firm's profits). If she did not work for the marketing firm, Deborah could earn $110,000 per year working as a marketing manager for another firm.
For each possible amount of total revenue, fill in the accounting profit and economic profit of the marketing firm.
| Total Revenue | Accounting Profit | Economic Profit |
|---|---|---|
| ($) | ($) | ($) |
| 730,000 | ||
| 780,000 | ||
| 830,000 | ||
| 880,000 |
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