Calculate total economic profit the company has made, Microeconomics

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Calculate total economic profit the company has made

Problem

Caroline Company was started by 2 gentlemen Sam and Jim, who have left their lucrative jobs, earning 150,000 and $110,000 respectively each year to start the Company. Accounting profit in 2015 is $950,000 and 2016 is $980,000. Calculate total economic profit (or loss) this Company has made for 2016.

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Microeconomics: Calculate total economic profit the company has made

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Microeconomics: Calculate total economic profit the company has made

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