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Unformatted text preview: Total Revenues $ 260.90 $ 378.00 $ 454.00 Explicit Expenses $ 59.95 $ 96.70 $ 126.76 Implicit Expenses $ 156.00 $ 177.13 $ 210.25 Total Costs $ 215.95 $ 273.83 $ 337.01 Economic Profits $ 44.95 $ 104.18 $ 116.99 Page 2 Notes for Economic Profit Report Implicit Revenue includes $50 for the value of being one own boss for each season plus $25 for season one for learning about running a business. (In your report these need to be justified.) Implicit revenue is the number of hours worked times $6 for season one, $6.50 for season two, and $7.25 for season three. (In your report these need to be justified.) Explicit Revenue is the same as Revenues from the Accounting Income Statement. Explicit Expenses is the same as Expenses from the Accounting Income Statement....
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