Answer :
The firm would earn an economic profit of $1500.
What are economic profits?
Economic profits are described as the profit that is gained from the manufacture of services and goods. The profit is generated from the sale of the produced services and goods. It is important to mention that the economic profit is determined by deducting the opportunity costs and the explicit costs from the generated revenue. Along with the accounting profit, the economic profit is also calculated.
Given that,
The total cost of producing 1500 units of output = $15,000
The output is dole to the customer = $16,500
Hence,
The economic profit earned by the firm= 16,500 - 15,000 = $1500
It can be concluded that the firm would earn an economic profit of $1500.
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