(Solved): The following graph represents a perfectly-competitive firm producing in the short run. Revenue an ...

The following graph represents a perfectly-competitive firm producing in the short run. Revenue and cost (dollars per unit) If the market price is \( \$ 7 \), this firm will earn a profit of approximately \( \$ 280 \). \( \$ 160 \). \( \$ 120 \). \( \$ 0 \). none of the above. Emeril owns his own restaurant, which earns a yearly total revenue of \( \$ 1,100,000 \). The yearly cost of his supplies and ingredients totals \( \$ 350,000 \). He pays employees a total of \( \$ 220,000 \) yearly and pays himself a yearly salary of \( \$ 100,000 \). The rent and utilities on his building are \( \$ 80,000 \) yearly. Recently, Emeril received an offer to work as a personal chef to Oprah for a salary of \( \$ 200,000 \) per year. Emeril also received a \( \$ 160,000 \) offer to host his own show on the Food Network. Emeril can only work one job and cannot take either job offer if he continues to run his own restaurant. What is Emeril's accounting profit? (type your answer in the space/box provided) What is Emeril's economic profit? \$ (type your answer in the space/box provided)