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Imagine Tom's annual salary as an assistant store manager is $30,000. He also owns a building that he rents out, earning $10,000 annually, and he has financial assets that generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop in the building he owns. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business and earns revenues of $50,000. What is Tom's economic profit?
Emotions
Advanced mental states characterized by three fundamental aspects: personal perception, bodily reaction, and an external or expressive reaction.
Sensitization
The type of sensory adaptation in which we become more sensitive to stimuli that are low in magnitude. Also called positive adaptation.
Retinal Disparity
The slight difference in the visual images that each eye perceives because of their different angles in viewing the world, which is a key component in depth perception.
Oval Window
A membrane-covered opening that leads from the middle ear to the cochlea within the inner ear, playing a crucial role in the process of hearing.
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