For mathematically minded students, what is the algebraic relationship between the equation for output and the equation for marginal product in Exhibit 6.2? $50,000 in forgone earnings. Her economic...

For mathematically minded students, what is the

algebraic relationship between the equation for output

and the equation for marginal product in Exhibit 6.2?

$50,000 in forgone earnings. Her economic profit is

$10,000, calculated as the accounting profit of

$60,000 less the total implicit costs of $70,000. If

you said the professor will pass up the potential

accounting profit and stay with the university to

avoid an economic loss, YOU ARE CORRECT.