Pat Used to Work as an Aerobics Instructor at the Local

question 68

Multiple Choice

Pat used to work as an aerobics instructor at the local gym earning $35,000 a year.Pat quit that job and started working as a personal trainer.Pat makes $50,000 in total annual revenue.Pat's only out-of-pocket costs are $12,000 per year for rent and utilities,$1,000 per year for advertising and $3,000 per year for equipment.
Refer to the information given above.Pat's accounting profit is _______,and Pat's economic profit is _______.

• A)$50,000;$15,000
• B)$34,000;-$1,000
• C)$34,000;$15,000
• D)-$1,000;-$1,000

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Definitions:

Sample Approximates

Estimates derived from a sample that are used to infer characteristics of the overall population.

Research Hypotheses

Statements made by researchers that predict a relationship or difference between variables in a study.

Multiple Samples

The collection of two or more samples from different populations, which may be compared to each other in statistical analysis.

Population

The entire group of individuals or instances about whom the research is concerned, from which a sample may be drawn for analysis.