Since economic profit includes these extra opportunity costs, it will always be less than or equal to accounting profit. Lipsey (1975) uses the example of a firm sitting on an expensive plot worth $10,000 a month in rent which it bought for a mere $50 a hundred years before.
When Steve Jobs passed away in October 2011, most of his assets passed on to his wife, making her one of the 50 richest people in the world. Laurene Powell Jobs, 52, married the tech mogul in 1991 - ten years before the release of the first iPod - and now manages a $16.7bn fortune according to Forbes. She owns, among other things, two private jets, four real estate properties and shares of the Walt Disney Company and Apple, Business Insider reported.
A look at Appleâs CEOs from 1977 to 2011. Appleâs CEOs. We feared the day would come but today Apple co-founder Steve Jobs announced he was to officially step down as Appleâs CEO, opening up the position for former company COO Tim Cook to lead the worldâs biggest technology company forward (click here to see how it unfolded).