Suppose John spends $25,000 per year on ink supplies and Cube Smart storage space. He recently received two job offers from a MNCs marketing firm- one offer were for $ 60,000 per year, and the other was for $50,000. However, she turned both jobs down to continue her ink distributor supply and storage firm. If Mary sells 10 paintings per year at a price of $5,000 each:
a. What is her total revenue? Explain
b. What are her accounting profits? Show your steps leading to your answer
c. What are her economic profits? Show your work!
d. Which type of profit ( accounting or economic profit) reflects the best use of her time? Explain