Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job and become a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurance costs him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are $191,000. Based on this information, what were his economic costs as a freelance witcher?
Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job and become a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurance costs him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are $191,000. Based on this information, what were his economic costs as a freelance witcher?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job and
become a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurance
costs him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are
$191,000. Based on this information, what were his economic costs as a freelance witcher?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education