Joe quits his computer programming​ job, where he was earning a salary of$70,000per​ year, to start his own computer software business in a building that he owns and was previously renting out for$24,000per year. In his first year of business he has the following​ expenses: salary paid to​ himself,$42,500​;​rent, $0; and other​ expenses,$10,000. Find the accounting cost and the economic cost associated with​ Joe's computer software business. Accounting cost: ____ Economic Cost: _____

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.