Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year. Last year, Christine's explicit costs were ________, and her implicit costs were ________.

A. $15,000; $43,000
B. $36,000; $140,000
C. $51,000; $40,000
D. $18,000; $40,000


Answer: C

Economics

You might also like to view...

In the above, which figure(s) has (have) at least one point at which the slope equals zero?

A) Figure B only B) Figures A and C C) Figure D only D) Figures A, C, and D E) Figures A and D

Economics

Show how a monopolist maximizes its profit. Explain your graph.

What will be an ideal response?

Economics

Which of the following is an example of income?

a. labor b. rent c. capital d. land

Economics

If consumer desire for product X increases, all of the following will occur except

What will be an ideal response?

Economics