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What are accounting profits

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Suppose Professor Donald spends $5,000 per year on tax supplies and Cube Smart storage space. He recently received two job offers from a XYZ marketing firm- one offer were for $ 60,000 per year, and the other was for $50,000. However, she turned both jobs down to continue her tax preparation business and storage firm. If Donald sells 10 paintings per year at a price of $9,000 each:

a. What is her total revenue? Explain

b. What are her accounting profits? Show your steps leading to your answer

c. What are her economic profits? Show your work!

d. Which type of profit ( accounting or economic profit) reflects the best use of her time? Explain

Reference no: EM131968063

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