Assignment Task: Emeril owns his own restaurant, which earns yearly total revenue of $1,000,000. The yearly cost of his supplies and ingredients totals $350000. He pays employees a total of $220.000 yearly and pays himself a yearly salary of $100.000. The rent and utilities on his building are 830.000 yearly. Recently, Emeril received an offer to work as a personal chef to Oprah for a salary of $200,000 per year. Emeril also received a $160,000 offer to host his own show on the Food Network. Emeril can only work one job and cannot take either job offer if he continues to run his own restaurant.
Q1. What is Emeril accounting profit?
Q2. What is Emeril's economic profit?