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# Gomez runs a small pottery firm. He hires one helper at \$11,500 per year, pays annual rent of \$7,000 for his shop, and spends \$22,500 per year on materials. He has \$40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him \$6,500 per year if alternatively invested. He has been offered \$22,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth \$4,500 per year. Total annual revenue from pottery sales is \$80,000. Calculate the accounting profit and the economic profit for Gomez’s pottery firm. what is Economic profit? Additional Requirements Level of Detail: Show all work Other Requirements: Gomez runs a small pottery firm. He hires one helper at \$11,500 per year, pays annual rent of \$7,000 for his shop, and spends \$22,500 per year on materials. He has \$40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him \$6,500 per year if alternatively invested. He has been offered \$22,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth \$4,500 per year. Total annual revenue from pottery sales is \$80,000. Calculate the accounting profit and the economic profit for Gomez’s pottery firm. what is Economic profit ?

```Gomez runs a small pottery firm. He hires one helper at \$11,500 per year, pays annual rent of \$7,000 for his shop, and spends \$22,500 per year on materials. He has \$40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him \$6,500 per year if alternatively invested. He has been offered \$22,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth \$4,500 per year. Total annual revenue from pottery sales is \$80,000. Calculate the accounting profit and the economic profit for Gomez’s pottery firm.

what is Economic profit?