Jacqui decides to open her own business and earns $50,000 in accounting profit the first year. When deciding to open her own business, she turned down three separate job offers with annual salaries of $30,000, $40,000, and $45,000. What is Jacqui's economic profit from running her own business

Jacqui's economic profit from running her own business is $5,000

Explanation:

Economic Profit / loss is the net of of revenue made from sale of an output and all the expenses associated with that sale including opportunity cost as well.

Economic profit = Income - Implicit Expenses - Explicit Expenses

Implicit expenses are the opportunity costs and Explicit Expenses are all those incurred to generate the sale.

As there is no Explicit cost. For accounting profit Calculation economists consider the best alternative as an Implicit cost. The best alternative option is $45,000

Economic Profit = $50,000 - 45,000 = $5,000

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