Robert withdrew $100,000 from an account that paid 10 percent annual interest and used the funds to purchase real estate. After one year he sold the property for $120,000. Robert's economic profit on this deal was:

$10,000.

Explanation:

The economic profit by Robert is $10,000. this is calculated below.

The amount withdrawn and invested = $100,000

Cost of property sold = $120,000

Profit from the sale of the property = $20,000

Amount made if he had not withdrawn the money = $110,000

Profit if he had not withdrawn the money = $10,000

Economic profit = $20,000 - $10,000

                          = $10,000

The opportunity cost of $10,000 (foregone interest) must be included to determine economic profit.

gold discovery in california, and pioneer settlers were sometimes pulled west because they wanted to make a better living. others received letters from friends or family members who had moved west. these letters often told about a good life on the frontier. the biggest factor that pulled pioneers west was the opportunity to buy land.

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