Respuesta :
The firm would earn economic profits equal to $3,000.
Economic profits are earned in business whenever the sales of the business are earning a value that is more than the expenses occurred in making the product. In other words, sales are greater than the expenses by a greater margin. Economic profits consider opportunity costs in calculating profits. Opportunity costs may be defined as the explicit costs, while normal business expenses are implicit costs. The formula for determining economic profits is expressed as:
Economic profits = Total revenue - (Explicit costs + implicit costs)
In the given question, implicit costs are not available, so the formula will be
Economic profits = Total sales - Total costs
Economic profits = $15,000 -$12,000
Economic profits = $3000
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