You are running a business producing faux leather wallets. Your current accounting costs are $2 million. Your current revenue is $2. 5 million. If you were to switch to making faux leather belts, you estimate that your accounting profit would be $1 million. What is your current economic profit, in millions?.

After the price floor is instituted, the chairman of productions office buys up any barrels of gosum berries that the producers are not able to sell. with the price floor, the producers sell 300 barrels per month to consumers, but the producers, at this high price floor, produce 700 barrels per month. how much producer surplus is created with the price floor? show your calculations.