A firm in a purely competitve industry has a typical cost structure. The normal rate of profit in the economy is 7 percent . This firm is earning $15 on every $150 investe by its founders. a. What is...

A firm in a purely competitve industry has a typical cost structure. The normal rate of profit in the economy is 7 percent . This firm is earning $15 on every $150 investe by its founders.

a. What is its percentage rate of return?

b. is the firm earning an economic profit?