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In 2016, Toni taught music and earned $20,000. She also earned $4,000 by renting out her basement. On January 1,
In 2016, Toni taught music and earned $20,000. She also earned $4,000 by renting out her basement. On January 1,
2017, she quit teaching, stopped renting out her basement, and began her new Web site design business. She took $2,000 from her savings account to buy a computer. During 2017, she paid $1,500 for the lease of a Web server and $1,750 for high- speed Internet service. Her total revenue from Web site designing of $45,000 and she earned interest at 5 percent a year on her savings account balance. Normal profit is $55,000 a year. At the end of 2017, Toni could have sold her computer for $500. Calculate Toni's opportunity cost of production and her economic profit in 2017.
