To find the scarce resource and work hours.

Question

Want to see the full answer?

Answer 1

Question

Chapter 1, Problem 2RQ

To determine

To find the scarce resource and work hours.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Please work on paper not excel

don't copy from other resources, write your own answer

You have been working as a manager of fashion store. During your work you have saved $50,000. You decided to use the money you saved to start your own business. You decided to use the money you saved to buy the materials. You also decided to utilize a store you own to home your business. The store you used for your business could have been rented for year. You hired a clerk to help you in the store that will cost $20,000 per year. The interest you could have earned on the $50,000 you used to buy the materials was $3,000 per year. Furthermore, you decided to manage your own business and you decided to quit your job that was paying $28,000 per yearYou paid $8,000 for utility. What is your explicit cost? Assume that your total sale for the year was $160,000. What is your implicit cost, what is the accounting profit? What is your economic profit?