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Gertrude quit her $40,000- per- year job to start her own own consulting firm. She withdrew her savings of $50,000 which was earning her an interest of $2000 in the bank and invested in her own consulting firm. At the end of her first year of operation, her total revenues were $208,000. Her total explicit costs were $108,000. How much are her implicit costs for running her own consulting firm? O $100,000 O $90,000 O $152,000 O $42,000

Gertrude quit her $40,000- per- year job to start her own own consulting firm. She withdrew her savings of $50,000 which was earning her an interest of $2000 in the bank and invested in her own consulting firm. At the end of her first year of operation, her total revenues were $208,000. Her total explicit costs were $108,000. How much are her implicit costs for running her own consulting firm? O $100,000 O $90,000 O $152,000 O $42,000

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 40P: Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from...
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Gertrude quit her $40,000- per- year job to start her own own consulting firm. She withdrew her savings of $50,000 which was earning her an interest of $2000 in the bank and invested in her own consulting firm. ments At the end of her first year of operation, her total revenues were $208,000. nts Her total explicit costs were $108,000. How much are her implicit costs for running her own consulting firm? O $100,000 O $90,000 O $152,000 O $42,000 Next « PreviouuS étv P 21 MacBook Pro
Transcribed Image Text:Gertrude quit her $40,000- per- year job to start her own own consulting firm. She withdrew her savings of $50,000 which was earning her an interest of $2000 in the bank and invested in her own consulting firm. ments At the end of her first year of operation, her total revenues were $208,000. nts Her total explicit costs were $108,000. How much are her implicit costs for running her own consulting firm? O $100,000 O $90,000 O $152,000 O $42,000 Next « PreviouuS étv P 21 MacBook Pro
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