1. Suppose you turn down a job with a brokerage firm at $80,000 per year to start your own business. At the end of the first year, after paying all your expenses, your personal income comes to
$100,000. For the first year, you:
- earned economic profits of $20,000.
- earned economic profits of $40,000.
- earned economic profits of $60,000.
- incurred economic losses of $20,000.
- there is not enough information to determine economic profit or
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