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Imagine you are an economics professor, and you want to go into business for yourself and operate a burger joint. The following table details the projections that you have developed for the first year of operations for Hamburger Haven.
If you choose to operate this restaurant, you will have to quit your job as economic professor at the University of Alabama, where you currently makes $120,000 a year. To open the franchise you will need $100,000 to start up the business, which you withdraw from your savings. Note that your recent returns on your savings had been 12% annually.
Based upon this information:
(a). Calculate the accounting profit.
(b). Calculate the economic profit.
(c). Now answer this question to yourself. Should you quit your job as an economics professor and open Hamburger Haven or should you remain an economics professor? Explain.
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