Lin-Manuel runs a rare book store. Last year, he earned $35,000 in revenue and had explicit costs of $8,000. Lin-Manuel could have made $29,750 testing information security equipment and received an additional $10,000 if he had used the company's inputs in a different way. Calculate Lin-Manuel's economic profit.

Economic loss of $12,750

Step-by-step explanation:

Economic profit is calculated by deducting both the implicit and the explicit costs from income.

Explicit cost are the costs of running the business whilst implicit costs are the gains that could have been earned if other alternatives had been embarked on.

Economic profit (loss);

= 35,000 - 8,000 - 29,750 - 10,000

= (12,750)

step-by-step explanation:

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