Harvey develops gaming apps from home instead of working as an engineer and earning $50,000 a year.He has invested $20,000 to upgrade to the hardware that he needs and estimates his expenses at $17,000 a year.Downloads generated $130,000 in revenue during the first year.What are his implicit costs?
A) $37,000
B) $50,000
C) $43,000
D) $93,000
E) $130,000
Correct Answer:
Verified
Q17: Opportunity cost usually
A)cannot be measured
B)applies to labor
Q27: Suppose Ben buys out Jerry's ownership in
Q28: Economic profit is defined as _
A)total fixed
Q29: Harvey develops gaming apps from home instead
Q30: Normal profit is defined as _
A)cost of
Q31: A firm's accounting profit is equal to
Q33: Economic profit is defined as _
A)total revenue
Q34: Suppose Ernie gives up his job as
Q36: A firm's economic profit is equal to
Q37: Harvey develops gaming apps from home instead
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