Calculate the economic profit of the tree-trimming firm whose explicit and implicit expenses are shown. Ms. Tree has a total revenue of $98,000.
Ms. Tree's Economic Profit and the Entry or Exit Decision
Explicit costs per year
   Payment on the loan on boom lift truck	$12,000
   Gasoline	$4,000
   Miscellaneous equipment	$16,000
Implicit costs
   Earnings forgone by not working for Mr. Plow	$45,000
   The forgone income that the $50,000 invested in the boom lift truck could have earned if invested elsewhere	$7,000

14,000