Consider the following income statement for the first year of operations for Anna's Sandwich Shop. Income Statement: Anna's Sandwich Shop Revenue Expenses Total sandwich sales $25,600 Bread $2,600 850 Condiments Vegetables 450 Meat 950 Rent 2500 Insurance 1200 Total Revenue S25,600 Total Expenses $8,550 Anna withdrew $25,000 from her savings account last year to open the business after quitting her job as an equity analyst. Her annual salary was $125,000 and her bank pays 4.5% interest on saving accounts. What the total implicit costs associated with Anna's sandwich business?

Consider the following income statement for the first year of operations for Anna's Sandwich Shop. Income Statement: Anna's Sandwich Shop Revenue Expenses Total sandwich sales $25,600 Bread $2,600 850 Condiments Vegetables 450 Meat 950 Rent 2500 Insurance 1200 Total Revenue S25,600 Total Expenses $8,550 Anna withdrew $25,000 from her savings account last year to open the business after quitting her job as an equity analyst. Her annual salary was $125,000 and her bank pays 4.5% interest on saving accounts. What the total implicit costs associated with Anna's sandwich business?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 5PA

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