Problem
Suppose a firm has the following expenditures per day: $150 for wages and salaries, $50 for materials, $40 for equipment, and $30 for rent. The owner-manager does not draw a salary but could receive income of $40 per day by working elsewhere. Total daily revenue is $400. What is the economic profit for this firm?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.