Jacinda quit her job as a blackjack dealer where she made $42,000 per year to start her own florist business. Her business expenses are $14,000 per year on rent, $21,000 per year on supplies, and $9,000 per year on part time help. As for her personal expenses, her apartment costs her $12,000 per year and her personal bills are an extra $6,000 per year. What is Jacinda's opportunity cost of running the business?
A. $104,000
B. $86,000
C. $62,000
D. $44,000
Answer: B
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Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $20
A) the total consumer surplus from the purchase of tickets will be $122. B) only Violet and Walter will buy tickets. C) Xavier's consumer surplus is $50. D) everyone will buy a ticket except for Zachary.
A production function assumes a given
A) technology. B) set of input prices. C) ratio of input prices. D) amount of capital and labor. E) amount of output.
Refer to Figure 4.1. The dominant strategy for Theodore is
A) Left. B) Right. C) both Left and Right. D) Theodore does not have a dominant strategy.
The large quantity of currency held per person in the United States reflects
A) The high level of GDP per person in the United States. B) The income-expenditure identity. C) The importance of the underground economy. D) The distrust of banks in the United States.