morgan took $400 000 out of their savings account to start an ice cream stand. the savings account paid 5% interest. in the first year, morgan sold 12,000 batches of ice cream at a price of $3 each, and incurred costs of $12,000 which involved outlays of money. what was morgan’s economic profit in the first year?
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a) -$376,000
b) -$56,000
c) +$4,000
d) +$12,000
morgan took $400 000 out of their savings account to start an ice cream stand. the savings account paid 5% interest. in the first year, morgan sold 12,000 batches of ice cream at a price of $3 each, and incurred costs of $12,000 which involved outlays of money. what was morgan’s economic profit in the first year?
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morgan took $400 000 out of their savings account to start an ice cream stand. the savings account paid 5% interest. in the first year, morgan sold 12,000 batches of ice cream at a price of $3 each, and incurred costs of $12,000 which involved outlays of money. what was morgan’s economic profit in the first year?
The answer is: C