Upon graduating with an accounting degree from UTECH, Jamaica you open your own
accounting firm of which you and your assistant are the only employees. To start the firm you
passed on a job offer with a large accounting firm that offered you a salary of $50,000 annually.
Last year you earned total revenue of $120,000. Rent and supplies last year were $50,000. Your
assistants salary is $30,000 annually.
A. What is your annual economic costs and economic profit?