Menard quit his high school teaching job, which paid $60,000 per year, to start a business that prepares students for the SAT exam. His first year in business generated the following revenues and costs: 
a. What is Menard's economic cost of SAT preparation?
b. What is Menard's accounting profit?
c. What is Menard's economic profit?
Definitions:
Company Strategy
A comprehensive plan developed by a business to achieve specific goals and to guide the company's efforts towards long-term success.
Competitors
Other businesses or entities that offer similar products or services, operating within the same market or industry as a given company.
Guomindang Party
A political party in China, also known as the Nationalist Party, which played a leading role in modern Chinese history, especially from the 1920s to the 1940s.
Communists
Individuals or groups adhering to communist philosophy, advocating for a classless society and the communal ownership of property and resources.
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