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oe quits his computer programming job, where he was earing a salary of $70,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $22,000 er year in his first year of business he has the following expenses: salary paid to himself, $40,000, rent, 50, and other expenses, $20,000. Find the accounting cost and the economic cost associated with Joe's computer software business (Enter numeric responses using an indeger) The accounting cost of Joe's business is (Enter your response as an integer)

oe quits his computer programming job, where he was earing a salary of $70,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $22,000 er year in his first year of business he has the following expenses: salary paid to himself, $40,000, rent, 50, and other expenses, $20,000. Find the accounting cost and the economic cost associated with Joe's computer software business (Enter numeric responses using an indeger) The accounting cost of Joe's business is (Enter your response as an integer)

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 4CQQ
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Joe quits his computer programming job, where he was earning a salary of $70,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $22,000 per year in his first year of business he has the following expenses: salary paid to himself, $40,000, rent, 50; and other expenses, $20,000. Find the accounting cost and the economic cost associated with Joe's computer software business. (Enter numeric responses using an integer) The accounting cost of Joe's business is 1 (Enter your response as an integer)
Transcribed Image Text:Joe quits his computer programming job, where he was earning a salary of $70,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $22,000 per year in his first year of business he has the following expenses: salary paid to himself, $40,000, rent, 50; and other expenses, $20,000. Find the accounting cost and the economic cost associated with Joe's computer software business. (Enter numeric responses using an integer) The accounting cost of Joe's business is 1 (Enter your response as an integer)
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