His economic profit is $175,000.
We arrive at this solution by using the formula:
Economic profit/loss = Total revenue - Total explicit cost = $250,000-$75,000 = $175,000.
The term profit is a term used to denote any realized financial gain that results after deducting the difference between the total amount earned and the total amount spent from any business endeavour.
The remaining part of the question reads:
In the first year, Zippy Speedy Car Repair earns revenue of $250,000 and has an explicit cost of $75,000. Zippy's economic profit (or loss) in the first year is $?
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