# Economics

2. Lucy quits a \$50,000 job to open her waffle business. She makes \$225,000 in revenue from her first year of waffle sales. She pulls \$50,000 out of an account that returns 3% interest per year and invests the entire amount in her business. She also borrows \$50,000 at 10% interest rate to invest in her business. After these initial investments, she also spends \$10,000 on inputs and \$50,000 on worker salaries.
Find total revenue, accounting cost, economic cost, implicit cost, explicit cost, economic profit, accounting profit.

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