Corinne turns down a job offer with an insurance company tha…
Corinne turns down a job offer with an insurance company that would have paid her $70,000 per year to start her own photographic portraiture business. She uses $20,000 of her own savings to help start the business, savings that had been providing her a return of $1,000 per year. Over her first year in business, Corinne collects total revenue of $180,000 and must cover explicit costs of $105,000. During her first year in business, Corinne’s accounting profit is _____, and her economic profit is _____.