Final answer:
The firm's accounting profit is $50,000.
Step-by-step explanation:
The firm's accounting profit can be calculated by subtracting the explicit costs from the total revenues. In this case, the explicit costs include labor, capital, and materials, which amount to $600,000 + $150,000 + $200,000 = $950,000. So, the accounting profit is $1,000,000 - $950,000 = $50,000.
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