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10) Joanne left her last job, in which she was earning $60,000, in order to form her own consulting business. Her revenues for the first year of consulting were $210,000. During that year, she hired two assistants for $25,000 each and spent $25,000 on office equipment. In addition, she incurred $75,000 in miscellaneous expenses. What is her accounting profit for the first year? Show calculations.
$1,400- 1,200 1,000 800 600 400 28. 200 0 100 Total Cost 320 440 Total Revenue Output Refer to the short-run data in the accompanying graph. What is the profit-maximizing output for this firm? Please explain in one line.
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