Gerald is a freelance writer who would earn $25,000 a year if he worked for a me...
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Gerald is a freelance writer who would earn $25,000 a year if he worked for a media outlet, but instead runs his own business, which makes revenue of $40,000 a year. His only business expenses are $1,000 for writing materials and $12,000 for rent. What is Gerald's economic profit from working as a freelance writer?