Jeremy is the owner of a makeup parlor that earns zero economic profit.Last year,his total revenue was $145,000,his rent was $12,000,his labor costs were $65,000,and his overhead expenses were $15,000.From this information,we know that his total implicit costs were

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Economic profit is zero when total revenue equals total costs (explicit + implicit). Given total revenue is $145,000 and explicit costs (rent, labor, overhead) sum to $92,000, implicit costs must be $53,000 to balance the equation.

Jeremy Is the Owner of a Makeup Parlor That Earns