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 is the sum of his explicit costs?
A) $26,000.
B) $66,000.
C) $78,000.
D) $52,000.
Correct Answer:
Verified
Q5: When total revenue minus total cost is
Q6: Two friends, Diane and Sam, own and
Q7: A young chef is considering opening his
Q8: Cash payments to a steel mill for
Q9: Economic profit is:
A) total revenues minus variable
Q11: Sam quits his job as an airline
Q12: A firm has $200 million in total
Q13: Implicit costs are:
A) the opportunity costs of
Q14: Which of the following would be considered
Q15: Unlike implicit costs, explicit costs:
A) reflect opportunity
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