Situation 21-4
Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $200,000 in total revenues and paid $125,000 to his employees and suppliers. During the course of the year, he received three offers to work for other barbers, with the highest offer being $50,000 per year.Refer to Situation 21-4. What are Joe's explicit costs?
A) $125,000
B) $175,000
C) $35,000
D) $200,000
E) $50,000
Correct Answer:
Verified
Q150: Exhibit 21-10 Q151: Situation 21-4 Q154: Exhibit 21-10 Q155: If explicit costs equal $157,000, implicit costs Q156: If implicit costs equal accounting profit, economic Q156: Which of the following is an implicit Q157: For ABC, Inc., 250,000 units of output Q158: Accounting profit equals economic profit if _ Q159: Which of the following is true of Q160: Exhibit 21-10 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
Joe is the owner-operator of Joe's
