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John was a high school teacher earning $ 80,000 per year. He quit his job to start his own business in pizza catering. In order to learn how to run the pizza catering business, John enrolled in a TAFE to acquire catering skills.
John's first year of business can be summarised as follows:
Item Amount $
Revenue 250,000
Labour cost 120,000
Pizza ingredients 50,000
Equipment 10,000
Question 1: Calculate John's accounting profit and economic profit? Show your work.
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