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Jaafar is a medical doctor who currently earns an annual salary of $100,000. He is considering abandoning his medical practice to start a new organic farming business harvesting cherries, apples, and peaches. Based on Jaafar's own assessment of his farm's potential, he can generate about $225,000 in revenues in the first year. Jaafar's annual overhead costs and operating expenses amount to $145,000. Jaafar expects his new farming venture to be profitable.
- If Jaafar decides to become a farmer, what will be his accounting costs, implicit costs, opportunity costs, accounting profits, and economic profits during the first year of operation?
- Suppose the farmer unexpectedly has a higher yield, resulting in revenues 20 percent larger than originally anticipated. How much revenue would Jaafar need in order to earn positive accounting profits? Positive economic profits?
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