Joe runs a restaurant. He pays his employees $200,000 per year. His ingredients cost him $50,000 per year. Prior to running his restaurant, Joe was a lawyer earning $150,000 per year. If Joe's restaurant earns $600,000 per year in revenue, Joe's accounting profits are and his economic profits are .

Accounting profit= $350,000

Economic profit= $200,000

Explanation:

Giving the following information:

Restaurant:

Earnings= 600,000

Employees= (200,000)

Ingridients= (50,000)

Lawyer:

Earnings= 150,000

The difference between the economic and accounting profit is that the first one includes the opportunity cost of not working as a lawyer.

Accounting profit= 600,000 - 250,000= $350,000

Economic profit= 600,000 - 250,000 - 150,000= $200,000

send the charted data

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.