Calculating Economic Profit
Before starting her own business, Judith worked as a salesperson in a flower shop, earning an annual salary of $30,000.
During its first year of operation, her business generated a total revenue of $70,000 and incurred explicit costs of $35,000. What was the economic profit of Judith's business in its first year?
A
$30,000
B
$5,000
C
$70,000
D
$35,000
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