The table below provides the total revenues and costs for a small landscaping company in a recent year.
TABLE 7-2
-Refer to Table 7-2.The implicit costs for this firm are
A)$31 200.
B)$30 800.
C)$30 400.
D)$400.
E)$800.

Question

The table below provides the total revenues and costs for a small landscaping company in a recent year.
  TABLE 7-2
-Refer to Table 7-2.The implicit costs for this firm are
A)$31 200. 
B)$30 800. 
C)$30 400. 
D)$400. 
E)$800.

Quizplus · Accepted Answer

Implicit costs are the opportunity costs of using resources owned by the firm. In this case, the implicit costs are $31,200.

The Table Below Provides the Total Revenues and Costs for a Small