10. The Costs of Production
Revenue, Cost, and Profit
Multiple Choice
Multiple ChoiceFast Fingers Freddy gives banjo lessons for $50 per hour. One day, he spends 8 hours planting $100 worth of seeds on his farm. If the seeds yield $600 worth of crops, what is his accounting profit and economic profit?
A
Accounting profit = $600; Economic Profit = $500
B
Accounting profit = $500; Economic Profit = $500
C
Accounting profit = $500; Economic Profit = $100
D
Accounting profit = $0; Economic Profit = $100
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