18 Gertrude quit her $40,000- per- year job to start her own own consulting firm. Shewithdrew her savings of $50,000 which was earning her an interest of $2000 in thebank and invested in her own consulting firm.mentsAt the end of her first year of operation, her total revenues were $208,000.ntsHer total explicit costs were $108,000. How much are her implicit costs for runningher own consulting firm?O $100,000O $90,000O $152,000O $42,000Next« PreviouuSétvP21MacBook Pro

Implicit cost is the next best alternative forgone to start the business Implicit cost = job loss + interest forgone = 40000 + 2000 = 42000 $ Answer is 42000 $

Business

Economics

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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