Compute accounting cost and accounting profit

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A lawyer is contemplating quitting her current job with a major corporation (annual salary $110,000) to open her own law firm. She estimates that the total cost of operating the office is approximately $48,000 per year. The potential revenue is estimated as $100,000 per year. Compute accounting cost, accounting profit, conomic cost, and economic profit.

Reference no: EM13231856

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