How do i calculate economic profit

Reference no: EM13191283

How do I calculate economic profit?

Sonya used to sell real estate and earn $25,000 a year, but now she sells greeting cards. Normal profit for the retailers of greeting cards is $14,000. Sonya used $4,000 of her savings to start her business. Over the past year Sonya bought $10,000 worth of cards. She sold these cards for $58,000. Sonya rents a shop for $5,000 a year and spends $1,000 in utilities. Sonya owns a cash register which she bought for $2,000 with savings. Her bank pays 3% a yr. on savings.

Reference no: EM13191283

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