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Paula runs a small clothing boutique. She hires one helper at $50,000 per year, pays annual rent of $100,000 for her shop, and spends $100,000 per year on materials. She has $50,000 of her own funds invested in equipment (mannequins, fixtures, etc. that could earn her $5000 per year if alternatively invested. She has been offered $100,000 per year to work as a consultant for a competitor. She estimates her entrepreneurial talents are worth $50000 per year. Total annual revenue from clothing sales is $500,000. Calculate the accounting profit and the economic profit for Paula's boutique
This document contains various important questions and their appropriate answers in the subject field of Economics.
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