Philip Owns and Operates a Gas Station

question 19

Multiple Choice

Philip owns and operates a gas station.Philip works 40 hours a week managing the station but doesn't draw a salary.He could earn $800 a week doing the same work for Terrance.The station owes the bank $100,000 and Philip has invested $100,000 of his own money.If Philip's accounting profits are $1,000 per week while the interest on his bank debt is $300 per week, the business's economic profits are

• A)-$100 per week.
• B)$200 per week.
• C)$0 per week.
• D)$700 per week.
• E)$1,000 per week.

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Definitions:

Demographics

Statistical data relating to the population and particular groups within it, such as age, gender, income, and education.

Older Workers

Individuals in the workforce who are considered to be near or beyond the typical age for retirement, often characterized by vast experience and knowledge.

Productivity Concerns

Issues or challenges related to the efficient and effective performance of tasks to produce goods or services.

Progressive Manager

A progressive manager is one who embraces change, encourages innovation, and supports the continuous improvement and development of their teams for better performance.