You sell T-shirts at your schools football games. Each shirt costs $5 to make and sells for $10. Each game lasts two hours and you sell 100 shirts per game. You could always be earning $8 per hour at your other job. Which of the following is correct? Your accounting profit from selling shirts at a game is a. $1,000 and your economic profit is $500. b. $500 and your economic profit is $1,000. c. $500 and your economic profit is $484. d. $484 and your economic profit is $500. e. $500 and your economic profit is also $500.

Bus 205 2/13/17 Chapter 4 notes Probability- the chance that a particular event will occur Experiment- a process that produces a single outcome whose result cannot be predicted with certainty Sample space- the collection of all outcomes that can result from a selection, decision, or experiment Event- a collection of experimental outcomes Mutually exclusive events- two events are mutually exclusive if the occurrence of one event precludes the occurrence of the other event. Independent events- two events are independent if the occurrence of one event in no way influences the probability of the occurrence of the other event Depen