Dane decides to give up a job earning $100,000 per year as a corporate lawyer and converts the duplex that he owns into a ufo museum. hed been renting the duplex for $20,000 a year. his direct expenses include $50,00 per year paid to his assistant and $10,000 for utilities. fans flock to the museam to see his collection of extraterestrial paraphernalia, which he could easily sell on ebay for $1,000,000. over the course of the year, the museum brings in revenues of $100,000.
a. how much is dane's accounting profit for the year?
b. is dane earning a economic profit?explain.