12 Jul Thomas Owns And Operates An Electronics And Computer Shop In Los Angeles.
Thomas owns and operates an Electronics and Computer shop in Los Angeles. While Thomas has a Mechanical Engineering degree and could work for CISCO Systems Corp. earning $76,000 a year his true passion is managing his own shop. Below is a list of Reggie’s expenses for 2014. Use the following information to answer the questions: (show your work)
| Revenue in 2014 | $95,000 |
| Rent | $15,000 |
| Equipment cost | $4,200 |
| Supplies | $2,750 |
What is Thomas’s Accounting Profit?
What is Thomas’s Economic Profit?
Given Thomas’s economic profit why does he still decide to manage his own shop instead of working for CISCO?
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