Suppose a person quits a job earning $40,000 per year and starts a business with $90,000 withdrawn from a money-market account earning 10 percent per year. The implicit cost of the business is $ for the entrepreneur's time plus for the entrepreneur's funds (enter your response as an integer).

Suppose a person quits a job earning $40,000 per year and starts a business with $90,000 withdrawn from a money-market account earning 10 percent per year. The implicit cost of the business is $ for the entrepreneur's time plus for the entrepreneur's funds (enter your response as an integer).

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis

Section: Chapter Questions

Problem 9TY

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Suppose a person quits a job earning $40,000 per year and starts a business with $90,000 withdrawn from a
money-market account earning 10 percent per year.
The implicit cost of the business is $ for the entrepreneur's time plus for the entrepreneur's funds (enter your
response as an integer).

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