Clare sells handmade purses. She uses her savings of $5,000, which was earning $750 per year in an investment account, to fund her business. Her other expenses include materials costs of $950, $500 in rent, and labor costs of $1,400. If Clare sells 40 purses at $90 each, what is her economic profit or loss?
Economic Profit= Total Revenue- Total Economic Cost
If Total economic cost incorporates both out of pocket costs and opportunity cost what is the Total Economic Cost?
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