A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a store building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 . for food and $2,000 for gas and electricity. What are his implicit costs?
a. $26,000.
b. $66,000.
c. $78,000.
d. $52,000.
e. $72,000.
a
You might also like to view...
During a recession, unemployment rises and total output of the economy rises.
Answer the following statement true (T) or false (F)
Which of the following does NOT cause a shift in the supply curve for labor in an industry?
A) Worker tastes and preferences B) Population of the concerned region C) Opportunity costs faced by the workers D) Price of the final good that the labor is used to produce
Explain how the market for apartments allocates the scarce supply of apartments near the city center
What will be an ideal response?
In the early 1990s Intel produced a 486 microchip for personal computers that contained a math co-processor that increased its speed of performing calculations and other operations
After a time Intel decided to disable the coprocessor on large numbers of their chips before sending them out for shipment and sale. What could have been the motive of Intel to deliberately reduce the quality of some of its chips?