Brad worked as a contractor for a year earned revenues of 120 000 and incurred an explicit cost of 70 000 If he

Question

Brad worked as a contractor for a year, earned revenues of 120,000, and incurred an explicit cost of 70,000. If he

could have earned $80,000 working for a computer company, his economic profit as a contractor would be___.

a. -$10,000

b. -$50,000

c. $30,000

d. $40,000

e. $30,000

What is the formula for figuring out economic profit

Economics